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Updated almost 3 years ago,

User Stats

8
Posts
2
Votes
Luis Davila
  • Realtor
  • Kissimmee, FL
2
Votes |
8
Posts

Wholesale Legal Question Florida (Assignment Contract)

Luis Davila
  • Realtor
  • Kissimmee, FL
Posted

Ok BiggerPockets hopefully someone can help me out with some advice or least a suggestion. I recently wholesaled a property in Mascotte, FL. The purchase price was for $85k and I made a $13k assignment fee making the Total investment $98k. Now months later, my end buyer discovered material adverse facts on the title to the property (that I was not mad aware of by the seller) and ultimately my end buyer was not able to take possession of the property after closing. My end buyer is suing the seller because of this. I am not sure how this was not caught during the title search. So long story short my end buyer claimed the title insurance and was able to recuperate the $85k purchase price from the title insurance, but is also seeking I pay him the assignment fee back to him or he will file a lawsuit against me. Keep in mind, he willingly signed the assignment contract. Do I have any legal rights? 

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