Posted by Rob Ricker on June 29, 2004 at 16:26:54:
A contract is only as good as …
(1) The people signing the contract
(2) and/or The judge’s interpretation of the contract
In other words, if he doesn’t hold up on his end, you have to take him to court to enforce the contract.
Title Owner - Posted by Kathy
Posted by Kathy on June 26, 2004 at 24:25:57:
I quit claim the deed to a property I owned to a friend and in return got a contract that he will make all the payments and will give me a portion of the profit when he sells. I still have the loan out on my name, but the title is now in my friend’s name. I am wondering if I have any right left to the property, or whether I’m stuck with just the loan.
Re: Title Owner - Posted by john
Posted by john on June 26, 2004 at 06:31:59:
He has the property and you have the loan and a contract. It seems you could not foreclose if he stopped making payments. You don’t have any rights to the property. If things go wrong your recourse would be lawsuit, which might become a judgement, which might attach back to property. Very expensive and time consuming
Re: Title Owner - Posted by Kathy
Posted by Kathy on June 28, 2004 at 13:15:19:
Thanks, John. Actually, the contract stipulates that if he fails to make the payment, or is late on two or more consecutive payments, then he will have to transfer the title back to me. My concern is whether a contract is good enough to make somebody transfer the title back to you. Also, according to the contract, he’s supposed to share the profit with me when he sells the house (the house has some equity in it). The plan was to allow him to use the property for a short while and then let him sell it, and share the profit at sale.