what a shame and a dilemma Julie.
Re your last question, a few years back when I took a class on real estate law, there was a maxim about, first to record, first in right ... something like that.
I don't understand this whole process with the Agreement of Sale ... it creates an unrecorded interest? How are people protected from the owner selling it fee simple then? Ethics alone?
It can't be easy suing someone in another state; depositions alone would be very expensive. I don't envy you and sure hope your lawyer has a ray of sunshine for you.
Does your contract specify what happens if someone breaches it? As in with a regular Purchase Contract? Does it make provision for legal costs being awarded the prevailing party?
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It seems to me that, if a person frauduantly sold property, criminal (in addition to civil) action could/should be taken.
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Since he isn’t incorporated he can’t hide behind a business and just fold it.
I would check the county records and lien everything he owns property, homes, boats and vehicles.
This will at least keep him from selling anything without having to clear the title.
It kinda’ puts the government in your corner and would only cost the filing fee for the liens.
I agree that it doesn’t provide any immediate action but it will prevent him from selling his assets until your claim can be resolved.
"Many dreams come true and some have silver linings, I look for my dreams and a pocket full of gold" Led Zeppelin
If you think health care is expensive now, wait until you see what it cost when it’s free...now here come the taxes.....
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A "true" Agreement of Sale is recorded (it appears that Julie's is not a true agreement of sale) so it would prevent someone from "accidentally" re-selling to someone else. The difference between an Agreement of Sale and a Purchase Money Mortgage (the other form of seller-financing) is that in an Agreement of Sale the property does not fully transfer into the new owners name until paid off. The buyer still has a recorded, legal interest in the property, they just don't have full, clear title. There's a lot of ways to do this legally, where both buyer and seller are protected. Unfortunately, those protections were not a part of the agreement between Julie and her so-called seller.
John Dirgo, R, ABR, e-PRO
Aloha Coast Realty, LLC
808-987-9243 cell
http://www.alohacoastrealty.com
thanks John Dirgo and John Rabi for clarifying how this transaction went wrong and could have gone right.
I have been told by my own agent and lender that in the past a lot of Zone 1 and 2 property sales were by Agreement of Sale or PMM because it was difficult to find insurers and lenders.
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quote:
I have been told by my own agent and lender that in the past a lot of Zone 1 and 2 property sales were by Agreement of Sale or PMM because it was difficult to find insurers and lenders.
Sorry Kathy but neither of them are true. HPIA insures up to $350,000 in Lava Zone 1 and I never ever had problem obtaining a loan in Lava Zone 1 either.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
hi John,
this was told to me in reference to a more distant time frame ... like the early 90's. And then another place I looked at in Kapoho area had transferred by Agreement in '98 (but reasons not given).
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Most transactions with seller financing (both A/S and PMM) usually happen during Buyers Market. It's just another way to make the property more attractive by the Sellers and to save on points and fees by the Buyers.
Aloha,
John S. Rabi, ABR,CM,CRB,FHS,RB
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"
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quote:
...So, anyway, on top of this, since the contract specifically states that if I pay 30 days late I lose all interest in the property and all monies paid, I still have to pay this jerk until I sue and win my money back!!...
Also, I think he thinks I plan on stopping payments to him, (since I am now 2-3 weeks late as I am waiting to find out from my lawyer if I can stop paying him and still win a suit or not. I mean, how can I be expected to pay for a piece of land he doesn't own-something he admitted to selling??!) I certainly am not going to lose out on a technicality. If I have to, I will keep paying him....
John Dirgo or John Rabi -
Can she pay it into a trust account so that essentially it is still being paid - just nto directly to him?
Catherine Dumond
Blue Water Project Management
808 217-7578
http://bluewaterpm.125mb.com/index.html
"We help make building your dream home a reality"
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As John or John has already stated, and I shall reiterate the emphasis is/should be on the word "recorded". If it's not recorded it's just a rumor.
I'm still amazed that people think they're gonna save money by not using a Realtor. I have had a license for years "here" But when I come there I'll sure be using a Realtor for my first deal. (Probably John)
Blessings,
dave
"Sometimes your the bug and sometimes your the windshield"
Blessings,
dave
"It doesn't mean that much to me.. to mean that much to you." Neil Young
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