NEOPHYTE WITH A CONTRACT

Bird Dogs, Wholesaling
1

Greetings All: I would really appreciate an opinion: I’m so green at real-estate investing, they think I’m Martian: but this is a unique situation:

Some years ago, a business associate and I bought a parcel of land that would be in his name (on deed); Later, however, we signed a business contract that stated that the property would be transfered into my name, solely, in lieu of his using my business name, and when he was finished paying off the Deed of Trust then the property would be deeded to me.

After the property was payed in full, because he didn’t have the time to properly reconvey, and was geographically FAR, he mailed me the original note and the Deed of Trust that had been signed by the beneficiary/trustee for reconveyance, reflecting that it was paid in full: THis reconveyance has never been recorded with the county, so, as far as the county is concerned, this property has not been paid.

The problem is that my associate (now ex) has not yet given me the deed itself, as promised, as I think the the guy will soon be on the next program called “INTERVENTION.” He has problems from hell.

So, here I have the note, the signed off deed, and above all, a bona fide contract that a “contract attorney” claims is perfecto, and I am somewhat clouding / encumbrancing an otherwise ‘free & clear’ 40 acres near Hearst Castle, with an artesian spring. BUT I WANT TO SELL THIS, and / or my 100% interests to the property.

Can’t I sell this property, VIA CONTRACT ASSIGNMENT… and sell the contract / my interests to the property? I’m quasi-sure I can. But HOW, is the real question, as there would be no deed in the sale…only a contract and the deed of trust that has been signed off by the beneficiary but not recorded. I am thinking of a down pmt. and some installment plan (??). Heck, I want to sell, but don’t know the easiest and SAFEST way. I wonder how others would structure a deal to sell the land interests.

I know the line, “GET AN ATTORNEY,” but that’s not what I’m hoping to hear.

MUCH Thanks
Dan

2

If you do not have the deed you can not sell NADA it is not yours to sell unfortunately that is the bad new’s! The good news is if you have the correct paper work you might let me capitalize that MIGHT have enough grounds to file a lien on the property Which means he can not sell it either! Who has been paying the taxes on the property!

Also Check county record’s is your name on the deed at all?

Is his still?

Also keep in mind that I am not an attorney YET! And YES you should seek legal counsel!

This legal discloser was brought to you by the R.E.O. Consultants C.Y.A. Department!!!

3

I greatly appreciate the reply:

My name is neither on the deed, nor on the Deed of Trust I hold, according to three attorneys, so far, full control of all interests despite what a deed says, they claim. Two claim that I can sell my “interests” to the property (I have occupied it for over ten years) as “CONTROLLED BY THE CONTRACT” that, according to the both of them, legally, has MORE legal power than the deed itself, as it is a legal, binding instrument. Certainly, and without doubt there is enough to attach a lien (MORE than enough to sue this guy to kingdom come), but that takes more atty. bucks, and more, and more, and suckkkkkk.

But instead of my paying the atty. a bank roll or so, I thought that perhaps others knew of selling property “interests” when a contract controls the property, as in this case, thnking it’s somewhat similar to getting a seller to sign a sales contract, when the deed means squat at that given moment.

One of the attys. said that I should name the transacting instrument, “LAND INTEREST INSTALLMENT CONTRACT,” whereby, I am making clear that I am transfering bona fide business interests (100%), toward the transfering of the deed…some day. Is that bizzare? HA!

The other party has been paying taxes, but the attorney says the bona fide contract controls nonetheless, as that party is to-date, employing my trademark “in lieu of.” You know how to attach a lien, amigo?

Thanks
DAN

4

What part of CA?

5

Central COast…between Cambria / San Simeon (closest town) and Lake Nacimiento.

Here in CA, counties DO NOT ALLOW a Memorandum of Agreement, whereby the county notes that there is a real-estate contract in effect. just a note.

6

What is your selling price, once straightened out I would be inerested in purchasing if price is right.

7

Dear Joleen:

We are asking 350 thou. though the sign in front of the property says 650 thou. (but for a reason)

The Artesian spring is small, but after H2O tests, the water is perfect for marketing as "ARTESIAN SPRING WATER) as per federal & state…a rarity in CA. Herein lays the value of the land…the tiny spring being virgin, excepting for the fact that I had an a.b.s. line running from it down to a cattle stock tank to feed stock and animals in the drought.

If we were not in such a rush, I would wait for another water investor. A few years ago, we were offered over 600 for it from a corporation owning wells, but my partner said no. Today I have no partner.

Now that I have all interests, as per contract, property is paid in full, I am going to be asking (when I advertize it), 350 thou, 35 thou down, 6%…in an installment sale towards acquiring the deed. I fully warrant my 100% interests and warrant that I shall supply the deed when payed in full. Haven’t figured out all details yet.

Thanks

8

What is the size of the property? And how firm are you on the asking price? If I were to purchase, I would purchase cash.