Did you know that Bob Richards is "top 5" in producing real estate agents in St. George, Utah 15 years running! find out more..
24 Hours: 1-888-BUY UTAH

Real Estate Blog

Have you ever met our Team?

Bob Richards Shauna Jo Angie Michelle

Can Realtor Ask for Money Not Included in Closing Statement?

Questionkeyboard wide Can Realtor Ask for Money Not Included in Closing Statement?

Q: I had a lease to own contract and purchased the house from the seller who is a Realtor. His daughter was our agent since we signed the lease to own contract with her. On the day of the close, the Realtor called and told us we needed $2,500 even though the sales contract stated we needed nothing since the down payment was included in the lease to own. Before close, he made us sign a contract saying we would pay him $80 a month but it was not included in the HUD-1 statement and he sign the HUD-1 saying he gave us no money and we borrowed no money. Do we owe this money to him since it was not part of the loan? – Anonymous

A: It looks to me like you answered your own question by your statement that “before close he made us sign a contract saying we would pay him $80 a month.” Given that you signed a legal agreement to pay him, you probably owe him.

That said, you may have recourse if the deposit was included in the lease unless the $2,500 was for something else. You don’t state exactly what the $2,500 was for so it’s hard for me to advise you. Was it a commission payment, or possibly something else? The fact that the financial agreement covering the $2,500 was not in the HUD-1 does not necessarily mean that you don’t have a valid side contract with this Realtor.

What I don’t really understand is why you are dealing with, and signed a side contract with, this Realtor since your lease-to-own contract was with his daughter. In any event I would consult with a real estate attorney to get a complete review of your situation. If this is not acceptable to you can always take your case to small claims court.

Lee Dworshak is a Realtor® with Keller Williams LA Harbor Realty in Rancho Palos Verdes, CA.

Are you interested in having a qualified REALTOR answer your questions? Click through to Ask a REALTOR® now.

Are you a REALTOR who would like to answer consumer questions? Click through to become an Ask a REALTOR participant.

No tags for this post.

Comments are closed.

© 2013 Explore St. George, All Rights Reserved.