Buyer tried to keep my lease security deposit

I entered into contract with a buyer in Dec. I asked the buyer if I could do a leaseback until my kids could finish school. Buyer agreed and our lawyers came up with a use agreement with figures of 4k/mo and a 20k security deposit. Security seemed high but I agreed. I wanted more time to find a house and didn’t want to move my kids schools. Buyer was allowed an inspection and after inspection wanted around 10K in repairs done. I agreed because the leaseback was worth it to me. Once repairs were done, buyers lawyer said they wanted 6k/mo and 50K. My lawyer said no way, and then their side just stopped responding for weeks until a two weeks before closing. I told them theres no way I’m giving 50k and wanted to cancel the transaction. They said I had to close. Even my lawyer told me I had to do it. Their lawyer claimed that that initial agreement was not finalized. I felt like I was misled. I also felt buyers wanted a larger security deposit to hold on to as ransom after I moved out. I have a feeling they had buyers remorse and were looking to recoup some money. Anyways, I was forced to close but I found a rental and only agreed to a 10K security deposit and 30 day leaseback at the 11th hour.

So after the payments hit my account, I realized that the buyers lawyer screwed up and didn’t hold onto any funds for the security deposit or my leaseback. I was thrilled. There was no way they could hold onto my money and I was actually holding onto theirs.

But get this. So instead of asking for their leaseback right away, they started asking my lawyer for thousands in home upgrade costs. Apparently their “contractor” found somethings that weren’t done the right way. My guess is they planned on hiring contractors, finding issues, and then claiming that the 50K security deposit should be used for that. Since money would be in their lawyers hands, I’d be screwed and would have to agree to give them a portion of it or have all of it locked up. Dodged a bullet there, but I had to move into a small rental with family and kids, throw away lot of furniture, and signed a 1yr lease I didn’t want. This is all on top of the 10K in repairs I already did.

After 6-7 months of this, my lawyer got them to drop all the nonsense contractor charges and he tells me that I should send them a check for 4k for the leaseback since I agreed to that. I told him I’m not doing that. It’s 6 months later. I’m out 10K in costs and have been living in a crappy rental. If they go after me for this, I’m going after them for my rental expenses. At this point, only a judge is going to make me write a check to these people.

What do you guys think? Should I pay them, ignore them, or go after them for my costs?

submitted by /u/Educational-Ratio-97
[link] [comments]

I entered into contract with a buyer in Dec. I asked the buyer if I could do a leaseback until my kids could finish school. Buyer agreed and our lawyers came up with a use agreement with figures of 4k/mo and a 20k security deposit. Security seemed high but I agreed. I wanted more time to find a house and didn’t want to move my kids schools. Buyer was allowed an inspection and after inspection wanted around 10K in repairs done. I agreed because the leaseback was worth it to me. Once repairs were done, buyers lawyer said they wanted 6k/mo and 50K. My lawyer said no way, and then their side just stopped responding for weeks until a two weeks before closing. I told them theres no way I’m giving 50k and wanted to cancel the transaction. They said I had to close. Even my lawyer told me I had to do it. Their lawyer claimed that that initial agreement was not finalized. I felt like I was misled. I also felt buyers wanted a larger security deposit to hold on to as ransom after I moved out. I have a feeling they had buyers remorse and were looking to recoup some money. Anyways, I was forced to close but I found a rental and only agreed to a 10K security deposit and 30 day leaseback at the 11th hour. So after the payments hit my account, I realized that the buyers lawyer screwed up and didn’t hold onto any funds for the security deposit or my leaseback. I was thrilled. There was no way they could hold onto my money and I was actually holding onto theirs. But get this. So instead of asking for their leaseback right away, they started asking my lawyer for thousands in home upgrade costs. Apparently their “contractor” found somethings that weren’t done the right way. My guess is they planned on hiring contractors, finding issues, and then claiming that the 50K security deposit should be used for that. Since money would be in their lawyers hands, I’d be screwed and would have to agree to give them a portion of it or have all of it locked up. Dodged a bullet there, but I had to move into a small rental with family and kids, throw away lot of furniture, and signed a 1yr lease I didn’t want. This is all on top of the 10K in repairs I already did. After 6-7 months of this, my lawyer got them to drop all the nonsense contractor charges and he tells me that I should send them a check for 4k for the leaseback since I agreed to that. I told him I’m not doing that. It’s 6 months later. I’m out 10K in costs and have been living in a crappy rental. If they go after me for this, I’m going after them for my rental expenses. At this point, only a judge is going to make me write a check to these people. What do you guys think? Should I pay them, ignore them, or go after them for my costs? submitted by /u/Educational-Ratio-97 [link] [comments]

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