All Forum Posts by: Account Closed

As a follow up,

After seeking legal council there was no specific case law in TX for this issue; however, country wide case law supported the sellers rights to the old debt as it occurred during his ownership. I would've had to explicitly call out the debt in the purchase contract. I took the word of my realtor on this deal and should've pressed harder on having the terms included. This was a great learning experience and several professionals benefited from the knowledge gained so I'm not upset at the missed expectations and lost funds.

Hello, I'm dealing with a tricky situation and wondering if anyone else can provide thoughts.

I purchased a quadplex in December 2021. At the time one of the tenants was not paying rent and I came to find out that they did not pay rent for the entirety of 2021. My property manager worked with the tenant to get them government relief, but the city sent the funds to the previous owner, this was for all of 2021 through february, so 3 months of rent while I was the actual owner. The previous owner has now cashed the almost 15k check and is refusing to return the funds saying that it is their money from when they owned the property; however, I am under the impression that upon purchasing the property I also own all liabilities, debts, etc so the money should be mine. I'm waiting a return call from my attorney about this, but I'm curious if anyone else has dealt with this or if anyone has an opinion about who might be right in this situation.

TIA