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Author Topic: You be the Judge  (Read 4199 times)

Offline tedjr

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You be the Judge
« on: February 04, 2004, 05:21:24 am »
Here is a deal I am involved in and went to court yesterday to testify:

In early 90 I bought a condo in a duplex condo area where you own 50% of a duplex. I bought with 0 down for $27,000 and had it rented for $425 per month. I got into trouble on all 22 of my properties and sold them to a partnership where I was still 1/3 owner. I was given a $1.25 million dollar note and the back payments were made and I was promised a brand new truck as part of the deal. Never got the truck  and only got a few months payment on the note and we started having words of course. Partnership too had sold the properties to another partnership at a greatly inflated price and mainly to GI's in Germany that could use the tax write off.  At this point I wanted out and wanted all my property back. To avoid a legal battle I settled for about half of them and we decided to let a few of them go back to the bank. All the mortgages still in my name as I sold sub2. The condo was one that I did not get at the time. I got deeds and recorded them on 9 of the properties. At some later point I got the deed on the condo and several more of the properties but did not record the condo deed as I felt at the time that it too was headed for foreclosure and I could not afford the fix up and reinstatement costs.

2003 rolls along and I am contacted by investor S and asked if I want to sell my interest in the condo. He saw that it was posted by travis county for a tax sale of 2002 taxes. All previous taxes had been paid by investor K. S contacted the GP of the partnership that still had title in its name and got a Quit claim deed for 10 bucks in the form of a personal check that never was cashed. The GP testified that he gave me a deed back in 93 and I too testified that I got the deed and had lost it .  Just after S contacted me K contacts me and says that he had fixed up the property in 94 and thought he had bought the note with 4 other notes he bought from a Dallas bank. He was trying to gain ownership by adverse possession over 10 years but only 8 to 9 years have passed.  K got a deed from me for $500 and a promise for $2500 more if he is successful in the lawsuit.
The case was tried yesterday and the judge is reviewing all the information about lost deed cases etc. Plaintiff is seeking $3000 attorney fees, $4000 in rents collected by S and ownership of the property. You be the JUDGE and give your opinions about this case.

Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas  78737
512-301-9171 home
512-587-6177 mobile

« Last Edit: February 04, 2004, 05:26:41 am by tedjr »
Ted P. Stokely Jr

San Antonio, Texas

 




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