I was given monetary gift from the buyer and seller
I am not an agent, but met a seller who wanted to sell a property to an investor. There property is owned by several individuals. My investor assumed he was purchasing the property with the house on it, when the deal closed he has purchased the back lot with a shack and no access to the property. Now he is demanding his money back and felt he was duped into buying the property. I am caught in this because I referred both parties to each other. The seller does not want to give the funds back because he indicate buyer should have requested a survey before buying. Does the buyer have any legal standing in this?
This sounds like a tricky situation. You’re not a real estate agent with a contract representing either the buyer or the seller so you don’t have a fiduciary duty to either one. It’s definitely an unfortunate situation that will probably have to be resolved in court. When a buyer purchases a property, it is his/her responsibility to do due diligence on the property, check tax records, conduct a survey and inspection if required/wanted etc. However, it’s different if the seller intentionally misrepresented the property, its description and what was included, for example, the house. I would advise the buyer to contact a real estate attorney in the area, and based off of the laws in that area and the contract, see if anything can be done. I hope it all works out.
All the best,