Parking lot

[quincy]

Although I know that $1800 is not an insignificant amount of money, in the whole of your purchase agreement it is. The parking payments are really not worth fighting over.

Good luck with your new purchase. I hope you have prepared yourself well for landlordhood.

 

[Rcobert]

Thank you for the additional information.

I think, based on the additional information you have provided, that you have little chance of defeating the seller in court should the seller sue you.

You say the parking lot and spaces were discussed and you agreed to "eat the loss" on the parking payments already made to save the purchase agreement. The payments were not included in the purchase contract you agreed to and signed.

But you should review the matter with an attorney local to you. The attorney might see this differently.

What could he sue me for as there was no contractual agreement regarding the parking lot other than the agreed upon price. He assumed I was OK with it and would let it go and got bent when I went to the purchasers. Thanks.

 

[xylene]

I'm uncertain why he'd have a lawsuit (not a winning one) with you just because people have asked him for refunds...

 

[quincy]

What could he sue me for as there was no contractual agreement regarding the parking lot other than the agreed upon price. He assumed I was OK with it and would let it go and got bent when I went to the purchasers. Thanks.

I actually don't know what he could sue you for right now but, if you insist on your tenants paying again for a space they paid for already, and the tenants sue the seller for a refund, you have opened yourself up to a suit.

What would be more likely is that the tenants who already paid for spaces would sue you if you insist on them paying again. Not a great way to start managing your rentals.

The bottom line is that you agreed to the terms of sale as written in the sales agreement. You purchased the property, deciding to eat the loss on the parking spaces. The difference in the loss you agreed to ($450) and the loss experienced ($1800) is only $1350.

I recommend you let it go. But see an attorney in your area if you feel the need.

 

[LdiJ]

We did. He refused and threatened to kill the deal if we insisted. The permits are for the upcoming spring semester.

We will have a local attorney review the contract tomorrow. I really appreciate the feedback and banter so far. To clarify, the parking lot was included with the purchase of an apartment complex. There was no language in the contract pertaining to the parking lot whatsoever. Weeks prior to closing, we asked for information pertaining to the parking lot and any purchases that had been already made for the upcoming (future) semester. The day prior to closing, we were informed that 3 purchases were made at 225 a space and that they would be keeping the monies paid. We asked our closing attorney to negotiate turning over all or part of those funds at closing (FYI, the apartment rents were turned over, pro rated of course). The attorney failed to reach an agreement on turning over the fees and the seller threatened to kill the deal if we pushed the issue. We decided to eat the loss and let it go. The day after closing, we were informed it was not 3 but now 8 previous purchases made at 225 a spot. I decided at that point to reach out to those purchasers and ask them to ask for a refund from previous owner and repurchase spots from me. I have also asked for proofs of purchase or receipts and as of yet received nothing.

Well, that is a lot less money than I was imagining...and a very different situation than I was imagining. I was imagining that you purchased nothing more than a for profit parking lot, and that he had sold most of the spaces for the spring semester, leaving you with little to no income possibilities for that semester.

We are talking about 1800.00 which you decided to forego rather than potentially kill the deal. I do not know if the guy will actually go ahead and sue you because at a minimum he will look like a bit of a jerk for keeping the money, and his ego might not want him making himself look like a jerk, but I agree that if he can argue that you agreed to the deal, he could win in court.

I do think that you should require anyone who purchased a pass to prove that they did so, just in case the seller decided to give away a few spots to family and friends.

 

[quincy]

Well, that is a lot less money than I was imagining...and a very different situation than I was imagining. I was imagining that you purchased nothing more than a for profit parking lot, and that he had sold most of the spaces for the spring semester, leaving you with little to no income possibilities for that semester.

We are talking about 1800.00 which you decided to forego rather than potentially kill the deal. I do not know if the guy will actually go ahead and sue you because at a minimum he will look like a bit of a jerk for keeping the money, and his ego might not want him making himself look like a jerk, but I agree that if he can argue that you agreed to the deal, he could win in court.

I do think that you should require anyone who purchased a pass to prove that they did so, just in case the seller decided to give away a few spots to family and friends.

I, too, had at first envisioned the purchase as a parking lot and nothing more.

But for a purchase of an apartment complex with parking lot, the money involved with the parking spaces hardly seems worth fighting over.