|
|
Online Catalog
|
Shopping Cart
|
| HOME | Articles | Classifieds | Success Stories | Financing | Commercial | Mobile Homes | Cash Flow | Legal | News Group | Chat Room |
|
|
| CRE Online > Real Estate Law > Bill Bronchick > Question and Answer |
|
|
|
| |
|
Question by Trudy Burd: I have an accepted offer for a bank owned condo. It had been vacant and on the market for over 6 months. Neither the bank nor the listing realtor was able to come up with a key for the locked garage. The listing realtor instructed me to bust the lock if I wished to inspect the garage. Upon doing so I have found...get this...I am NOT joking...a 1929 Model A Ford truck in perfect condition! It has current registration (for whatever that is worth). We are about to close (2 weeks). What are my rights to the vehicle or obligations to it's owner? Is there some way that I can keep this bonus? I do not know the status of the vehicle's owner or if that is the same person who defaulted on the property. My contract is blank under "personal property" and the property is in CA if that makes a difference. Any advice you can offer would be greatly appreciated. Answer By William Bronchick: That's a very interesting question! If the owner abandoned the vehicle, then it belongs to the bank, which means it will belong to you after you close. Of course, the bank can argue that it didn't know it was there, which means it will raise the legal argument of "unilateral mistake." Essentially the bank will argue that you knew something they didn't and you are to be unjustly enriched. This, of course, is a hard argument for them to make, since you discovered the car AFTER you entered into the contract. The other more practical issue is the registration . . . the real owner presumably has title and will unduly argue that he did not intend to abandon the car (I presume this was a bank foreclosure?). If this is true,then the bank becomes responsible for the car under a bailment situation, which means that you, the subsequent owner, becomes a bailee for the car. I suggest you do a little homework on the ownership of the car first! Disclaimer: The foregoing is not intended to be given as legal, financial or tax advice, but intended for instructional use only. If you require legal, financial or tax advice you should seek the assistance of a qualified professional.
|
|