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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33757
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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I would like the contract Im about to have notarized,

Customer Question

I would like the contract Im about to have notarized, explained to me please. I am selling my Real Estate Contract Note: $18,900 is the principal at 6% interest. Payments monthly are $419. I agreed to .85 on the dollar which should be approx. $16,065 in a check to me. The buyer is an attorney and is in the process of obtaining the $16,065 for me in a check. Can you please explain if this is what the Contract (below) states. The verbiage in the beginning is what the attorney included in the email that had the Contract as an attachment. Thank you! I have attached my draft assignment for your review.  I am in the process of submitting direction of investment for me and Amy (my wife) to Sunwest Trust so they can process the requests and be ready to sign the document on our behalf and write you a check.  It's a bit long in the captioning because I had to combine resources from all our IRAs to have enough money to fund this.  I need to have the account number at Security - or you can fill that in, but I think everything else is complete.Once I get your signed and notarized document, I will submit it to Sunwest to sign and fund.  You can sign and mail the assignment to me and I will get my side taken care of.  I wasn't sure if you were still in New Mexico.  We are closed next Thursday and Friday, but if you wanted to overnight this back to me, we could probably get a check sent to you in a day.Contract:
Assignment and Conveyance of Seller’s Interest
In Real Estate ContractFOR VALUE RECEIVED, Kim M. Stuckel, (Assignor), grants, assigns and conveys to Sunwest Trust, Custodian for the Timothy D. Steider Traditional IRA as to an undivided forty percent (40%) interest, Sunwest Trust, Custodian for the Timothy D. Steider Simple IRA as to an undivided six percent (6%) interest and Sunwest Trust, Custodian for the Amy L. Steider Traditional IRA as to an undivided fifty four percent (54%) interest (Assignee), whose address is PO Box 36371, Albuquerque, NM 87175, his/her/its heirs, successors and assigns, all their right, title, and interest in and to the Real Estate Contract, (hereinafter referred to as the "Contract") dated September 28, 2016, and in and to the property which is the subject thereof, between James Kosinski, a single man, as Purchaser, and Kim M. Struckel, an unmarried woman, as Seller, in Valencia County, New Mexico, for the sale of the following described real property:Lot B-3-A, of the Plat showing Lands of Curtis Fort, being within projected Section 11, Township 7 North, Range 2 East, of the New Mexico Principal Meridian, Valencia County, New Mexico, as the same is shown and designated on said plat, filed in the Office of the County Clerk of Valencia County, New Mexico on December 4, 1983, in Book 12, page 26;With Warranty Covenants.This Contract is currently held in escrow by Security Escrow of Valencia County, P.O. Box 1090, Los Lunas, NM New Mexico 87031, and is referenced by their control number ___________.WITNESS my hand and seal this ___ day of November, 2016.__________________________________
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: The contract and property is in New Mexico.
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 18 days ago.
Category: Legal
Expert:  Barrister replied 18 days ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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If you can upload the contract or post the part that is giving you any concern, I will be happy to take a look and try to decipher what it means...

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thanks

Barrister

Expert:  Barrister replied 18 days ago.

I see you uploaded the contract language... give me just a few minutes to review...

Customer: replied 18 days ago.
To be sure, I am Kim Stuckel, the (assignor) in the contract - selling the REC contract Tim Steider is purchasing. I don't fully understand if the contract, and Tim's wording in the email states our agreement. I will call him today, but wanted to get another opinion - yours. The contract is in the first question to you. If you require any further details please let me know. Thank you! I
Expert:  Barrister replied 18 days ago.

Ok, it looks like he is buying the Note as an investment for his IRA and wife's and breaking up the interest into smaller percentages for some reason...

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But none of that affects your payout, which you have agreed to in a separate document, I would assume.

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So this is just a standard assignment of a Note, just broken up and assigned to 3 different retirement accounts. You are cashing it out for the $16K+ and transferring ownership and all rights to receive payments over to the 3 named retirement accounts.

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Nothing suspicious or unusual here..

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thanks

Barrister

Customer: replied 18 days ago.
Thank you very much for your time and assistance! Have a great day.
Expert:  Barrister replied 18 days ago.

You are very welcome. Happy to help any time.

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It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the caption and the JustAnswer employees will get it to me.

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If you feel your original question and any related follow ups have been answered, I would very much appreciate a positive rating on the answer I have provided as that is the only way I receive credit for my work. If you have a new question the JustAnswer folks require that you start a new question page, but you can request me by putting"For Barrister" in the caption and they will get it to me.

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All the best to you and yours.

Barrister