Looking for a RE attorney in Tampa FL
I know this is a shot in the dark but are there ways to get a non refundable emd back?
Im under contract for a property that was brought to me from a wholesaler. They do not have equitable interest in this property. There is another wholesaler who is direct with seller. the wholesaler im involved with will buy the deal from them and double close / sell to me.
however a few days from closing i find out from county that this property does not have a legal property card due to an illegal split and is non conforming so the property is useless you cant do anything on it
I wonder what issues could arise especially on title if I do close however Id like to discuss my options with a licensed RE attorney any suggestions?
#1 Wholesaling Contributor
- Wholesaler
- Tampa, FL
Hey Angel,
I would recommend contacting the title company you are working with. Title companies usually have in-house attorneys that can help you out during the closing period.
Good luck!
David
There are ways. You could have a lawyer write a threatening letter. You could threaten to report the wholesaler to the DBPR for practicing real estate without a license.
If the EMD is held by a title company they are not supposed to release it unless both parties agree to where it's going. If the EMD is held by the wholesaler that will make it more difficult.
Quote from @Nick C.:My deposit is held up at the title company. Not sure you’re familiar with NW Aqusitions. They are licensed but in the contract do not provide you with any representation. It’s a pretty hefty deposit too.
There are ways. You could have a lawyer write a threatening letter. You could threaten to report the wholesaler to the DBPR for practicing real estate without a license.
If the EMD is held by a title company they are not supposed to release it unless both parties agree to where it's going. If the EMD is held by the wholesaler that will make it more difficult.
Ok then the lawyer letter and DBPR likely won't get you anywhere. The institutional wholesalers have been through this hundreds of times and you must have signed a very seller friendly addendum. You could read the contract and see if there's anything in there about a title defect. Just remember any addendum you signed supersedes the contract.