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Real estate finance question...halp w/ my JD

post #1 of 5
12/13/09 at 3:54am
Thread Starter 
fml i fail law school.

i have no idea why i cant find the answer to this goddamn question. maybe its cuz ive been awake for 50hrs straight?!?!?!

you buy a property with seller carry back financing. you discover a defect in the property. can you set-off the cost of reparis against the amount owing on the seller's note?

was taht even in english????
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post #2 of 5
12/13/09 at 5:12am
Quote:
Originally Posted by cheessus View Post
fml i fail law school.


My thoughts and prayers are with you.
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post #3 of 5
12/13/09 at 5:18am
Quote:
Originally Posted by cheessus View Post
fml i fail law school. i have no idea why i cant find the answer to this goddamn question. maybe its cuz ive been awake for 50hrs straight?!?!?! you buy a property with seller carry back financing. you discover a defect in the property. can you set-off the cost of reparis against the amount owing on the seller's note? was taht even in english????
was it a latent defect? did the seller attempt to hide it? seller didn't know about it? any warranties made on the property? what's the defect? what may be a defect to the buyer may not have been a defect to the seller.
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post #4 of 5
12/13/09 at 6:04am
Quote:
Originally Posted by cheessus View Post
fml i fail law school.

i have no idea why i cant find the answer to this goddamn question. maybe its cuz ive been awake for 50hrs straight?!?!?!

you buy a property with seller carry back financing. you discover a defect in the property. can you set-off the cost of reparis against the amount owing on the seller's note?

was taht even in english????

I didn't enjoy property when I was in law school, but if I had to answer this question on an exam, I'd say NO. The reason is there are two separate transactions here. One is the sale of the property, the other is the financing of it. You can't conflate the two together.

It's 4am. I put in over 10 hrs today, got home at 2am, had a beer, now on a scotch. Take my 2 cents for what it's worth.
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post #5 of 5
12/13/09 at 6:07am
Thread Starter 
Quote:
Originally Posted by teddieriley View Post
was it a latent defect? did the seller attempt to hide it? seller didn't know about it? any warranties made on the property? what's the defect? what may be a defect to the buyer may not have been a defect to the seller.

ummm...good questions? i dunno, that wasn't in my outline. answers for both situation plz?
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