About Darren Hildreth Expertise As Las Vegas real estate experts I am able to answer any questions you may have. I work on a team with hundreds of years of experience in the valley. Please direct all questions relating to Las Vegas Real Estate through me.
Experience My family has been involved in real estate development and sales for decades. I have personally bought, managed, and sold projects including rehab, duplex (rental), single family, etc.
Organizations Specialists Real Estate, Hildreth Barnhill Team
Education/Credentials BS Business Management from Brigham Young University.
Minor Spanish
Expert: Darren Hildreth Date: 11/8/2007 Subject: Contract
Question I have an issue with the prior property management. However, their management contract was sold to the new buyer. The issues were mismanagement and not screening tenants so now I have damages to the property that occurred during the prior management and I have no way of getting reimbursed for it.
I was told that the new property management is the successor of interest and therefore, is liable. However, they argued the following under Section 7.1 as state below: I have also included Section 2.1 for your review.
So I’m not clear as to who is responsible. I can’t go back to prior company since it is no longer in existence. Would the current management be responsible or the prior management? Since it was sold by a partnership who owned the prior management company, would they be responsible instead?
Section 2.1 Agreement to Purchase
Upon Closing, Buyer shall assume all obligations and liabilities with respect to the Purchased Assets and shall upon and after closing, forever indemnify, protest and defend Seller from any further liability whatsoever arising therefrom. Provided, however, Buyer does not assume and shall not in any manner become responsible or liable for, and the Seller shall retain pay, discharge, and perform in full, all other debts, obligations or liabilities of the Seller of any nature whatsoever whether known or unknown, fixed contingent or otherwise, including, without limitation, any debts, obligations or other liabilities directly or indirectly arising out of, or resulting from, the Seller's ownership or use of the Purchased Assets prior to the Closing Date, except that the foregoing does not include any obligations agreed to by Seller but which do not arise or accrue until on or after the Closing Date.
Section 7.1 Obligation of the Sellers to Indemnify Buyer (e) states “The Seller hereby agrees, to indemnify and hold harmless the Buyer from and against . . . . any claims asserted by any person against the Buyer arising out of , or based, in whole or in part, on any negligent act or omission or intentional tortious conduct by the Seller or the Business or any of their respective employees or agents which occurred at any time, including, without limitation, all claims by any customer(s) of the Seller for any act or omission caused by the Seller at any time.”
Answer I am sorry it took me so long to get back to you. I changed my email address and didn't update it here. I have since changed it back.
The answer to your question will need to be handled by a real estate lawyer. Agents can help you market and sell or purchase a property. A real estate lawyer specializes in these types of issues, primarily contract disputes.
