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

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cheessus

cheessus

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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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eztantz

eztantz

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Originally Posted by cheessus
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i fail law school.


My thoughts and prayers are with you.
 
teddieriley

teddieriley

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Originally Posted by cheessus
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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????
frown.gif
confused.gif

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.
 
DNW

DNW

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Originally Posted by cheessus
Click to expand...
fml
ffffuuuu.gif
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????
frown.gif
confused.gif


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.
 
cheessus

cheessus

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Originally Posted by teddieriley
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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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