HoosierDaddy
Junior Member
In smalltown Indiana, in the year 2000, I decided to make an offer on the duplex where I had been renting for two and a half years. The offer was accepted and I went to the Yellow Pages to find an attorney to write a nice legally binding contract. Under Attorneys/Real Estate, I found "THE FIRM." I called and was invited to come in the next day to see an attorney.
Upon my arrival I was introduced to "TIM," an associate who I was told would write the contract for me. I had taken with me several pages of notes on articles that I wished to have included in the contract. "Tim" and I went over the items and discussed them at length so I am certain that he understood precisely what I was asking for. Some terms to be included were one year interest free, variable rate interest (based at 8%) beginning the second year, monthly payments of $400.00 - overpayments (in increments of $100.00) were allowed to buy-down the interest rate by .1% per instance.
My intent was of course to buy down the interest rate to zero within the first year. When asked "can I do this legally?" "Tim" replied "if you can get him to sign it you can," and assured me that everything would be included in good legaleese.
At the signing, all parties were presented with a copy of the contract and an amortization table which "Tim" explained showed no payment due for the first year due to the fact that "we don't have anything in our computer for first year interest free." He then advised me that due to the fact that no payments were actually due in the first year, EVERYTHING that I paid - from the $400.00 at signing, through the first year period, would count against buying down the interest rate.
EUREKA! I loved it, and I began keeping record with notes on each check issued to the seller as to the interest rate and principle balance - relying on the figures on his amortization table.
The Seller though, he didn't like it so well! He watched as month by month the interest and principle was eaten away. He started arguing over it, and at one point even started refusing to accept payments from me. Then he had the unmitigated audacity to DIE! That's when his widow entered the picture with a vengeance! She hired a lawyer who wanted to cancel the contract!
Going back to "the firm" I wanted to speak to "Tim," only to be informed that he was no longer an associate! A senior partner looked over the toilet paper that "Tim" had called a contract and told me that he felt they had a moral obligation to help me. He fought the cancellation of the contract but the court said I had made my error in relying upon the papers prepared by "Tim" in the first place.
The Court found that I am the "owner in equity" of the property, but that having relied upon the contract and amortization table as prepared, to reach my figures, that my figures were off and judgment was foreclosure. Leaving me owing in excess of $31,000.00 including attorney fees and court costs! This had to be paid NOW to keep the place from going to Sheriffs sale! Still trying but if I could come up with financing, I wouldn't have needed "Tim" to screw-up the land purchase contract in the first place. This place is going to Sheriffs Sale due to the incompetency of that POS and I'm PISSED!
Having tracked-down "Tim" at his new practice and making certain that he understood just what kind of mess I've found myself in due to his sloppy work and incompetence, he advised me to sue "THE FIRM!" (I don't want to do that because they tried to help after "Tim" screwed me up) "I was a member of that firm when this took place" he tells me. "I'm only responsible for what goes on here, not what went on there."
TELL IT TO TONY KIRITSIS "Tim!" I'm SERIOUSLY considering changing my name to that! I think I've even perfected the "deadmans line" that Tony used. My only question though - do I take time to go to the State Bar Disciplinary Committee - do I waste my time with another lawyer who would undoubtedly run up against the same small town crap that was encountered by the partner from the firm - or do I just make that final visit to "Tim" and demonstrate what happens when you screw someone over and laugh in their face? "Not responsible" - INDEED!!
Upon my arrival I was introduced to "TIM," an associate who I was told would write the contract for me. I had taken with me several pages of notes on articles that I wished to have included in the contract. "Tim" and I went over the items and discussed them at length so I am certain that he understood precisely what I was asking for. Some terms to be included were one year interest free, variable rate interest (based at 8%) beginning the second year, monthly payments of $400.00 - overpayments (in increments of $100.00) were allowed to buy-down the interest rate by .1% per instance.
My intent was of course to buy down the interest rate to zero within the first year. When asked "can I do this legally?" "Tim" replied "if you can get him to sign it you can," and assured me that everything would be included in good legaleese.
At the signing, all parties were presented with a copy of the contract and an amortization table which "Tim" explained showed no payment due for the first year due to the fact that "we don't have anything in our computer for first year interest free." He then advised me that due to the fact that no payments were actually due in the first year, EVERYTHING that I paid - from the $400.00 at signing, through the first year period, would count against buying down the interest rate.
EUREKA! I loved it, and I began keeping record with notes on each check issued to the seller as to the interest rate and principle balance - relying on the figures on his amortization table.The Seller though, he didn't like it so well! He watched as month by month the interest and principle was eaten away. He started arguing over it, and at one point even started refusing to accept payments from me. Then he had the unmitigated audacity to DIE! That's when his widow entered the picture with a vengeance! She hired a lawyer who wanted to cancel the contract!
Going back to "the firm" I wanted to speak to "Tim," only to be informed that he was no longer an associate! A senior partner looked over the toilet paper that "Tim" had called a contract and told me that he felt they had a moral obligation to help me. He fought the cancellation of the contract but the court said I had made my error in relying upon the papers prepared by "Tim" in the first place.
The Court found that I am the "owner in equity" of the property, but that having relied upon the contract and amortization table as prepared, to reach my figures, that my figures were off and judgment was foreclosure. Leaving me owing in excess of $31,000.00 including attorney fees and court costs! This had to be paid NOW to keep the place from going to Sheriffs sale! Still trying but if I could come up with financing, I wouldn't have needed "Tim" to screw-up the land purchase contract in the first place. This place is going to Sheriffs Sale due to the incompetency of that POS and I'm PISSED!
Having tracked-down "Tim" at his new practice and making certain that he understood just what kind of mess I've found myself in due to his sloppy work and incompetence, he advised me to sue "THE FIRM!" (I don't want to do that because they tried to help after "Tim" screwed me up) "I was a member of that firm when this took place" he tells me. "I'm only responsible for what goes on here, not what went on there."
TELL IT TO TONY KIRITSIS "Tim!" I'm SERIOUSLY considering changing my name to that! I think I've even perfected the "deadmans line" that Tony used. My only question though -
do I take time to go to the State Bar Disciplinary Committee - do I waste my time with another lawyer who would undoubtedly run up against the same small town crap that was encountered by the partner from the firm - or do I just make that final visit to "Tim" and demonstrate what happens when you screw someone over and laugh in their face? "Not responsible" - INDEED!!