From the same bloodlines of Mike Smith, Larry is not his real name, but he is a real lawyer, took a look-see, or should I say Vue, at the documents I signed back in mid-2000. Larry the Lawyer, who will I refer to as LTL, was not overly impressed by the advantages I gained for myself when I signed it. In fact, I can’t remember him highlighting a single one. It was all I could do to keep him at the table, as he seemed very anxious to go and be part of the MCL legal team, since he is getting on in years and wants an easier time of legal issues he gets involved in. So another way of saying it, for even his reasonable hourly rate, most of what I learned confirmed what I already knew; this is a 1-sided contract, and I am on the wrong side of it.
I showed LTL the part of the contract about default and whether I could lose more than my downpayment, and his initial reading of it was that technically the answer was yes, the language says X% of the purchase price, or the amount of actual damages, whichever is greater. So what could this be? Well, as I understood it, it was the Contract Price – MCL’s good faith selling price (they can’t just give the unit away). That is the damage…in other words, I said I would buy it for 500K, they were only able to sell it for 300K, so the damage is 200K. If I paid 100k as a downpayment, I would then be liable for 100K more. Add on to this the cost to carry it until they do sell it, the damages could add up.
He did say that the downpayment was indeed substantial, and hopefully the unit wouldn’t be sold at too much of a discount to the contract price, so that perhaps it would not make sense or their would be no need to go after more. He said if he were the developer, he would just call it even-steven. Larry has a genial personality, probably not well-suited if you are looking for someone who goes for the jugular. I’m not sure if the MCL legal team has the same psychological make-up. I am not counting on it.
I know others are looking into this with their lawyers, and I need to know whether I should give Larry the Lawyer any more billable hours. The reason I like LTL is because he is not greedy. He told me we could go after MCL and sue them for everything they got, and if we did, he could probably then retire, because the only one that would win in that case was him. He strongly advised me racking up another large bill, that the contract he was holding was large enough.
Please get your own advice and share it with the group! I also want to state that I don’t want it to come to this, at least for myself. Despite all the ups and downs, positive posts and depressing posts, I would like to be in the Vue Charlotte. And I know many of you do too. I am just looking at all my options. This one is not my particular favorite, but may be necessary, which is why I need to understand just what is involved if it comes to having to exercise it.