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February 18, 2009
What to do
We are in a situation were we are renting. Our landlord agreed to sell us the apt 12 months ago.
We agreed on the price, we had our lawyers draw up a contract and had a building inspection.
Upon the inspection we we're told that there were a bunch of permits that weren’t closed due to a renovation.
After constant emails to the owner about the status of the permits he said that the deal is off because I’m sick of your emails.
We have now found another place to buy.
My question is that if the owner agreed to a price, a contract was presented to him and then he tells us in writing (email) that the deal is off. Can we deduct our attorney costs and inspector (or take it to small claims) if he takes it out of our deposit.
FYI: He is in an industry where negative press against him would not be seen as a benefit.
Comments
No, he owes you nothing for the attorney and the inspector. They are your responsibility.
Buy your new place and move on.
Posted by: mopar at February 18, 2009 6:12 PM
Consider it a blessing. You would have overpaid for it 12 months ago
Posted by: hannible at February 18, 2009 6:35 PM
Your attorney and inspector costs are your own problem. He didnt sign the contract; you have no legal claims. Move on. Sellers get screwed by prospective buyers all the time too. Thats life.
Posted by: saminthehood at February 18, 2009 7:10 PM
Quote: "FYI: He is in an industry where negative press against him would not be seen as a benefit."
I guess s/he is either an I-banker douchebag or AIG douchebag. AT least post some flyers around the nearest subway stop and advertise that a govt bailout I-banker or AIG douchebag is residing there & would greatly appreciate some eggs thrown on their front door.
Posted by: CookieCutterBrownstone at February 18, 2009 7:25 PM
let it go
Posted by: eman1234 at February 18, 2009 8:07 PM
CCB, encouraging egging or otherwise embarrassing landlord is not good karma. It sounds like there was enough douchebaggery to go around here: LL dragged his feet and OP became a nag.
But LL did nothing wrong. Until the contract is signed, both parties have the right to walk away. Respecting the transaction's rules is good for everyone--it's good to be able to walk away.
Posted by: vanburenproud at February 19, 2009 7:09 AM
I'm wondering where CCB pulls his/her logic from. Neither one of those two professions could give a rats ass about what some tenant is going to say. LOL
Posted by: daveinbedstuy at February 19, 2009 8:45 AM
True that, DIBS.
Posted by: vanburenproud at February 19, 2009 9:49 AM
What do you mean "if he takes it out of our deposit" though? Are we missing something?
Painful though it may be (we've been through it twice and we're still renting. Argh.) unless he said he's not selling because you're [gay|protestant|asian] you've got no standing.
Posted by: serpentor at February 19, 2009 11:35 AM
The OP also asked if these expenses would be deductible. I don't know the answer to that, but your accountant should.
Posted by: corolla at February 19, 2009 12:34 PM
unless you are in the business of buying and selling apartments these expenses are NOT deductible at all. What happens when you purchase an apartment like this is these expenses become part of the basis(acquisition cost) along with the purchase price.so when you sell its the difference between what you paid(including all acquisition costs) and what you sell it for(profit or loss). What some people do is when this happens and they ultimately buy something else they include these costs in the acquisition cost of the final purchase. I am not saying whether its right or wrong just what people do.
Until a contract is signed no one has any liability to the other except in a rare case and this doesn't sound like one of those.
Posted by: smeyer418 at February 21, 2009 2:41 PM
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