Anderson Crossing Investments, Inc., was a family-owned property investment organization, investing in undeveloped properties wh
en prices were low and then selling them when prices went up. William Hill, property manager for Anderson Crossing, approached Kortney Branson, who owned fifty acres next to some of Anderson Crossing’s land, and offered to purchase it for "Anderson." Branson sold the property for $250,000. Within one year, Anderson Crossing sold the property to a developer for a new subdivision for $1,000,000. Richard Anderson, a 5% owner of Anderson Crossing Investments and an old high school acquaintance of Branson, saw her at the mall and told her of the recent sale. Furious that she had lost out on the income and convinced that Hill had misled her, Branson sued Richard Anderson for the acts of his agent, Hill. Branson argued that the facts were sufficient to create an agency by estoppel to impose liability on Richard Anderson. 1. The land in this case was originally owned by_____________.
1. The land in this case was originally owned by <u>Kortney Branson</u>.
Explanation:
After the location of an investment property and due investigation and verification of the condition and status of the completed property, the investor will have to negotiate a sale price and terms of sale with the seller and then execute a contract. Most investors employ real estate agents and real estate lawyers to assist in the process, as it can be quite complex and transactions carried out incorrectly can be very expensive.
And that is exactly how property investment works, investing in cheaper properties so that after prices rise or after retirement, they are sold at a higher price to obtain a profit. So there was no mistake in buying and selling the property by the company.
