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Residential Tenancies Law's: By law he is required to deposit my down payment (deposit) into a separate account or post a surety bond. He didn't notify me, as he should have, within 30 days of what he did with it. If he did then he has my money, if he didn't he's in even more trouble.
I've been pouring over the statutes for hours. I'm trying to figure out how best to get out of this mess. The first thing I thought of was purchasing the property with a promissory note. Now I'm thinking of doing a private settlement agreement, something like the original post. I'm also wondering if I can combine the 2 to come up with a way to work this out.
Something like this:
Since he has breached the contract, he must return my deposit. If he can't do that then he can except my promissory note for the balance as payment in full. If he doesn't cooperate he then agrees that the purchase has been completed and has 10 days to transfer the clear and free deed to me.
Wording is not exact, but you should be able to understand the point I'm trying to make.
The fact he has 'knowingly' breached the contract means I can sue or at least threaten him with suit. I can also contact the new mortgage company and inform them of our contract and make them a co-defendant in the suit and nullify their mortgage. Who knows what they'll do, but they may contact him and ask him why he didn't disclose our contract. I would be satisfied if it rattled their cage enough to get my deposit back and move on.
I hate living like this, but when someone messes with me I mess back. I've got to much at risk to just walk away empty handed.
If you have ideas as how to make this or something similar work, please let me know.
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