Property sale contract When is enough?

[epicstuff]

  A few years back someone offered to  buy my apartment and agreed installments terms. They have been renting my unit all this time . At first payments came along on time and there was no problem. however the final and largest payment was supposed to be due when the lease was transferred. However it appears that the  person who I sold to is wanting to  use the apartment in a way that breaks the Rules of the Estate and the condo owner refuses to allow such lease transfer to happen.  Hence the lease transfer has never happened and  I have never had my  final and full payment. At what point can I say enough is enough and sell my apartment to  someone else. Is there a statute of limitation  ie 3 years after which I  can assume the contract is worthless and I  get my property back. 

No lease has ever been transferred or registered in other name but  mine.    I  really  need the money and only sold to him (at way below market price) as I  was desperate in the first place.

 

 Any help would be appreciated.

[observer90210]

The issue seems quite serious and you should really consult a reliable lawyer.

 

Don't ask unaware people around as it may lead you to deeper mistakes.

 

All the best and hope it gets solved soon.

[epicstuff]

Thanks,  this is very  sensible suggestion and I agree. I was only hoping I may get some general understanding in advance to know sensible questions to ask.  

 

[KittenKong]

4 hours ago, epicstuff said:

A few years back someone offered to  buy my apartment and agreed installments terms. They have been renting my unit all this time . At first payments came along on time and there was no problem. however the final and largest payment was supposed to be due when the lease was transferred. However it appears that the  person who I sold to is wanting to  use the apartment in a way that breaks the Rules of the Estate and the condo owner refuses to allow such lease transfer to happen.  Hence the lease transfer has never happened and  I have never had my  final and full payment. At what point can I say enough is enough and sell my apartment to  someone else.

 

The contract of sale should stipulate all that. What does it say?

[KittenKong]

4 hours ago, epicstuff said:

Hence the lease transfer has never happened and  I have never had my  final and full payment. At what point can I say enough is enough and sell my apartment to  someone else

 

Off topic, but I am astounded that you ever found one buyer for part of a 30-year lease, and even more astounded that you found a second one several years later. How many years are left to run?

 

I really dont see any attraction in leasehold property here.

[whiteman]

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