My father bought a property in TX with the misses in about 10 yrs ago. Well they are not together anymore :argue and he’s in NY. There is a written agreement that spells out that he would get $20K out and go his own way. Property is free and clear and worth about $70K. The agreement stated that he sells the property to her for the $20K :deal. The contract doesn’t say that she pays when she sells. (patience!!)For the last couple years no attempt has been made to pay out so he could move on. The contract has already been recorded on title.
Then just about a month ago my father saw the prop for sale but now its off market. Suspicion is that she tried to sell but contract is recorded.
What would be the next appropriate step to get a resolution? Any advice? :help
Was it a divorce? I’m curious how the divorce decree handled it. I’m guessing that one or the other was due some cash from the marital split, and neither party had cash to compensate. So he deeded her his interest in the property and took a lien on the remainder due him. This is not uncommon in TX. I’m also curious if there was any reference to interest on the balance.
Having the lien recorded ensures that Dad (or his heirs) will eventually get the money. He’ll have to release the lien for her to clear title.
I don’t think there’s any way to “force” a sale.
I’d just call her, tell her I noticed the sign and wondered if she’s selling. Don’t have an emotional interest either way; you’re just trying to help her get the lien released so she can sell the property. It’s just business. Be friendly and helpful. [ Be prepared: she may puke all over you how that evil SOB father of yours ruined her life etc etc. Just take a deep breath, put on your happy smile and stay on point. Been there. Done that.] Friendly and helpful.
I’d also spend an hour with an atty to make sure all the paperwork is wrapped up tight.
Thanks for feed back. This was not a divorce they just bought prop together. The prop is in Forth Worth.
Just some thoughts
RE Seller: If he basically sold it to her according to agreement it would mean he has relinquished his ownership so he may not have any say about selling. I’m thinking he does have some interest whether equitable interest or in another form as he wasn’t paid.
McWagner: He really isn’t trying to make her sell he just wants the cash. There is no int in contract just straight principal.
I’m sure a cashout refi would be a solution. The truth about her working conditions is up in the air (excuses) :bs. It just seems like she tried to sell quietly. He just happened to find out about the listing. Not sure if an attempt was acknowledged before this but last year I had him cloud title after one of those sideways comments :terminator.
Good thing is he has no desire to make a trip to TX just wants to handle in an effective manner.