Full question:
I purchased a trailer and land for $46,000 contract for deed. The people from whom I purchased the property now inform me they owe a $30,000 balloon payment in April 2009. I know they are fraudulent, but I want to know if the real estate company that handled the contract is also liable for damages. The real estate company received $2,700 for their services. The people I bought the property from are divorcing and will not refinance the balloon payment.
- Category: Contract for Deed
- Date:
- State: Kentucky
Answer:
The liability of the real estate company depends on the specific facts of your case. To prove fraud, you must show that the company intended to deceive you by misrepresenting or concealing important facts, which led you to rely on their statements and resulted in harm.
For negligence, you need to demonstrate that the real estate company owed you a duty, failed to meet the industry standard of care, and that this failure caused you injury. I recommend consulting a local attorney to review your documents and circumstances.
Additionally, Kentucky law prohibits unfair trade practices, including secret payments or allowances that harm competition (Ky. Rev. Stat. § 365.050).
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.