Q: Am I liable for the down payment?
I am the owner of a home in a lease to own situation. The lessee paid a down payment at the start of the lease. The realtor involved received the down payment which was to be held in a trust account until lessee was ready to close. I was told that this was done. 9 months later, the realtor is telling me that someone working in the real estate firm was embezzling money and that down payment has disappeared. It apparently was never put into a trust act like I was told. I am now being held responsible for that down payment, as the lessee is ready to close. Do I have any legal recourse?
A:
You should consider meeting with an experienced attorney to address these issues. It is not clear who's Realtor this was, but if the real estate agent or his firm lost the funds, you and the tenant have right to sue them. The Escrow agent also has liability. I am not sure why you are responsible for the tenant's deposit money and who is demanding it. The Realtor is responsible.
Until we sign a legal services agreement, I am not your attorney and this is not legal advice.
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