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.