Property In Texas

Q: Some 20 years ago I bought a property in Texas, from someone who lives there. He was also a Realtor, practicing in that State, and he manages the property on my behalf. Although I have signed what looked like a contract, I was not given a copy of the document and have no recollection of what it contained. He holds the Lease and all document pertaining to the property. He sends me a statement of accounts once a year. About 4 years ago this statement showed a negative balance and I had to make good the deficit. This statement is showing negative balance once again and he is now asking for similar payment. I asked him to sell the property two years ago but to no avail. Recently, he made me a rediculously low offer for the property. He refused to let another Realtor who has indicated a much higher price to take over the marketing. I also know that he has several similar properties in the same condominium and I suspect conflict of interest. To date, I have not obtained any income from the property. I am no longer willing to accede to this person's request as it would only perpetuate the mal-practice. I do not know what to do as I am a foreigner living in another country. I am not conversant with the laws in Texas. Will someone help me and show me the best way to get out of this jam? I am willing to sacrifice all that I have spent on the property.

A: Has this broker stated why he is refusing to allow another broker to take over the property? I would find it hard to believe that your contract provided for an exclusive listing for over 20 years and, even if it did, that such a listing would be enforceable for so long a period. Additionally, even if the listing were still valid, I believe you have ther right to terminate it anytime (though you may be liable for the commission in that instance). Also, the broker has a fiduciary duty to properly and honestly account to you for your profits/losses on the property. If he breached this duty, he may be liable to you for your losses as well as punitive damages. He is also required to be forthcoming in his assessments of

the property's value, avoid conflicts of interest, diligently market the property, and report all offers made on the property. If the broker has breached these duties, he may also be liable for actual and punitive damages. I would consider: 1. Hiring a real estate lawyer in your county to handle termination of your relationship with the broker and any claims you mave have against him. You can get references from the county bar assoc. where the property is situated. 2. Demanding that the broker send you a copy of any documents that you signed re the property, that he alleges obligates bind you to keep the property exclusively listed with him, and that outlines the terms