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Never said unlimited. There is specific damages. Largely property damage where they began turning out rec room and school room into a house for AJ and is now left totally gutted and unusable. A huge loss to my business. The money did go into escrow and a majority of that money was used to pay off all GPF debts. This had to be done for GPF to owner finance to MAG and was all laid out in our contract. That money was spent and now I’m expected to refinance to pay back down payment?
I will be happy to explain all further once it’s sorted out.
This seems like a transaction that was drawn up on a napkin, I doubt there is a formal escrow agent or agreement.
It's unlimited in the fact that it is not defined by a limited amount. If it was 10 or 100 million or any amount they suffered that is unlimited.
Sometimes a contract requires some work to be performed by the seller prior to closing....
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There is a very extensive contract that took months to iron out. That contract included me working for them for 5 years during term of land contract.
In this case it's just the opposite The work was performed by the buyer with the permission of the owner.
If there wasn't a formal contract and attorneys weren't involved in what apparently is a 7 figure real estate deal I would be surprised....
There was a contract and an attorney was involved. I read the pleadings and attached contract docs some time ago and stick to my statement. If there was a formal escrow agreement the escrow agent certainly didn't get the permission of both sides or a court to release the funds. Josh said as much in his post above, the money was released to the seller at some point and used to repair damage to the property. The contract docs leave a lot of ambiguity including the nature of and intent behind the "deposit".
Jeez, another business deal gone south.
Only reason the partner would take GPF to litigation is if they knew the contracts in place were nonsense, right? Because I have never seen it where the owner did not get to keep the deposit if there was a failure to close. Typically the owner can even sue for lost value once sold if it’s lesser than the deal they had come up with. Just seems like a waste of time and additional money?
You read all that wrong. That’s not what happened. A majority was used to pay off GPF. Went directly from lawyer to our bank. The remainder went to build my parents a new house as they had to move off GPF property for deal to be completed. All this was agreed to in lawyers office at signing. They claim we didn’t pay off our debt but that’s just because it took the county several months to update records.
The way I read it is he is keeping the deposit PERIOD and wants more to cover his damages. We both can't be right.
Well I am ‘he’. I don’t want more. GPF was willing to use down payment to cover our losses and move on but now that I’m being sued I am forced to countersue.
Thank you for clarifying that. Not sure about your countersuit but IMO you are going to prevail. GL to you.
Another classic vital thread.
Yeah I just went and read the docs...there are a lot of missing pieces....one being a signed document releasing the deposit....the attorney used by both parties (big mistake) to prepare the APA and hold the escrow deposit would appear to not have much experience in business sales transactions...a properly written APA with an escrow agreement would have resolved the majority of the issues stated in the lawsuits...I'm surprised that the plaintiffs are not going after the attorney for releasing the $250k without a document (escrow agreement) directing him to do so...but then again the APA has no mention of escrow but refers to a payment to the sellers of the $250k...Item 16 in the APA would have saved them a lot of trouble and money...very poorly written APA...
I'm not trying to say or infer anyone on your side did anything wrong. I was just commenting on what I perceive to be a pretty loosely-papered transaction, using the lack of a formal escrow agreement as an example. Hopefully everyone involved is made whole and the responsible party has the financial ability to make that happen.
Why would you assume that isn’t in the contract?
Prime example of someone pulling things out of their ass in a sad attempt to try and sound intelligent.
Exactly what I expected lol.
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Have you not deleted enough posts in this thread already?
Josh, I'm just pointing out what I read that is public info, it does not mention escrow or deposit but does mention payment to sellers and there doesn't seem be be any mention of a separate agreement regarding that payment (which is what an escrow agreement would be). I also don't see it mentioned in regards to what happens to that payment in case of breach, again that would be in the escrow agreement...my guess here is that you got legal advice on your side by having your attorney create the APA...on the other hand it appears that the buyers entered into an agreement without independent council (my assumption) and now are trying to get "their' money back because they couldn't complete the contract as written....it's unfortunate that it has come to this but I think you will prevail...a payment to the sellers is not a deposit unless it is written as such with with direction on failure to close.
That’s a lot of assumptions without all the information.
You spent all morning trying to be a google attorney.. Swing and a miss.
Jwoods126,
Between depositions, settlement discussions, and maybe an actual trial you will have plenty of chances to discuss this, to the point you will be sick of it.
what advantage can you gain discussing it here?
It is probably not going to repair any damage to your reputation you feel has happened as a result of all this. does it really matter what vitards think about it?
Hope to see you when it is "resolved".
And you spent all morning Dingling my balls. Congrats! You hit a home run.
Why do you continually post that cringy GIF.... Stop being a weird old man.
I guess you're not smart enough to understand it's directly related to your actions. You would never have to see it again. It's up to you.
Read it.
just my opinion, but looks like somebody should sue Lehman.
Is it not basic contract law that if a contract is vague it goes against the party that prepared it (or had it prepared)?
who paid lehman? I would assume it was woods because Lehman is representing them in this action.
It just looks like a bus could be driven through the holes that were left open.
Will be interesting to follow.
Did each party have a separate attorney—or was there one guy juggling a huge conflict of interest. Sound like the attorney may want to notify his malpractice carrier, if he did not protect funds in escrow on behalf of his client—-and, again, who exactly was his client?
Bump.
Why are you bumping it? I stopped following AJ around the time this whole thing went down.
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