Aparment Agent / Broker Issues

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Post by kman » Wed, 02 Jun 2010 7:19 pm

sundaymorningstaple wrote:
kman wrote:The agent pushed me and so I signed the LOI.

I gotta bridge in the middle of the Arizona desert I want to sell you......
Uhh, no thanks.. how much for the Opera House ? :)

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Mad Scientist
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Post by Mad Scientist » Thu, 03 Jun 2010 4:12 am

kman wrote:Thanks for the replies. As far as I understand, this document is NOT legally binding. I even have a document given to me by my agent of HSR Realty stating that an "LOI is an initial document to put forward the tenant's offer to the landlord. This document is not legally binding. This LOI states your intention to enter into a contract to rent the property and put forward your additional requests to the landlord."

As for being an "unethical" tenant as someone posted, it was never my intention to commit to renting this property. The agent pushed me and so I signed the LOI. If I had known I would be legally liable for anything, I would never have signed. As it turns out, I don't think I am legally liable. I think this just goes to show the over-eagerness of agents to push landlords and tenants into signing documents without properly explaining them, so they (the agents) can make their commission.

I don't know if they will go to court with this. They are threatening to at this point, but I don't think it will be worth pursuing for them. Let's see how it plays out.

I do not have any anecdotal nor court proceeding evidence BUT had a word with my kid sister who is a trained lawyer and practising here. Guess what she said " tell the real estate agent to use that LOI for toilet paper".
It won't hold in the court of law.
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!

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