Like The Herald Business Journal on Facebook!
The Herald of Everett, Washington
Heraldnet.com

The top local business stories in your email

Contact Us:

Josh O'Connor
Publisher
Phone: 425-339-3007
joconnor@heraldnet.com

Jody Knoblich
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049
jknoblich@heraldnet.com

Jim Davis
Editor
Phone: 425-339-3097
jdavis@heraldnet.com

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

How to get out of a land deal gone bad

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
By Gary Singer
Sun Sentinel
Published:
Question: I bought a vacant lot a few years ago on the Internet, sight unseen. Turns out, the property is unusable because it's on the edge of a development and on a deep slope. I found out that it is part of an association, and the dues now have exceeded the value of the property. I want out of the deal but am afraid of the ramifications. What can I do?
Answer: Never buy anything sight unseen. You must always do your due diligence. As the owner of the property, you are responsible for all the obligations, such as association dues and property taxes. You can't simply give the lot back unless the seller agrees to take it. But if the seller lied to you about the property, you may have some recourse in court.
I do not recommend stiffing the association on the dues because you could become personally liable and end up with a judgment against you. In that case, the association could garnish your wages. You should also make sure that the property is being maintained until you are able to unload it, it because you don't want to be hit with code enforcement fines that could make getting rid of it more complicated.
If you can't find another buyer, strongly consider giving the land to a local charity. Contact real estate agents and charities in your area to see if they may be able to help you resolve this situation.
Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He is the chairman of the Real Estate Section of the Broward County Bar Association and is an adjunct professor for the Nova Southeastern University Paralegal Studies program.
Story tags » Economy, Business & Finance

MORE HBJ HEADLINES

CALENDAR

Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus