How does it work for Principal in land contracts?
If an agent sells the principals land to them-self and puts self as vendor, then is revoked, Who is the vendor?
The agent sold a land contract for the principal, contract states by and between the principal, through his/her power of attorney, then sells principals land to self(POA) and payments to the vendor the POA not the principal. Principal knew nothing of the transaction because POA contracts says POA can sell land without principals knowledge or consent..
Now after revoking the POA Is there anyway that a court would return the principals land to him/her if the agent is found in breach of his/ her fiduciary duty? Need to know if theres hope for principal before contacting an attorney because of high cost of fees.
Also if the same agent sold the remaining land to someone else the same way and again made self vendor, what options if any does the principal have to retrieve his/her land back from buyers?
Answers:
The agent is "self-dealing", a violation of fiduciary duty. As for the 3rd party buyers of land, they may be "bona fide" buyers who have no liability to unwind the deal. This depends on whether they knew or should have known of wrongdoing by the agent, and other factors.
Principal should definitely see an attorney.
This isn't a case for amatuer hour. You have to have an atty involved. It's probably legal; ifyou give someone a POA to tend to your affairs, you haven't got a lot of room to go back and ask them what they did and why without a solid legal basis,.
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