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We sold property in Texas. The terms were the buyer would…

Customer Question
We sold property in...

We sold property in Texas. The terms were the buyer would pay yearly interest and a ballon payment at the end. If buyer missed a yearly payment the property would revert back to us. The buyer died last February. The buyers wife's attorney has written us to say her cliam has no obligation to pay the back owed interest of $37,500 or the balloon payent of the original amount of the sale, $150,000. The property was recently sold for $307,000.

Lawyer's Assistant: Has any paperwork been filed?

Not on our behalf. We sent copies of the documentation to her attorney, Do you have associates in Wichita Falls Texas, if this goes to court?

Lawyer's Assistant: Since laws vary from place to place, what state is this in?

Tecas

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Yes, the buyer was in the process of applying for a loan from a bank. He said he needed proof that he was buying 307 acres. We signed the deed and sent it to him. Proof of him still oweing us is the fact he, up until his death was making interest payments. He never made a payment toward the principal. There is a side issue of oil royalty check paid to the buyer of an unknown amount that we feel should have gone to the seller until the balloon paymet was made.

Submitted: 7 months ago.Category: Legal
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Answered in 4 minutes by:
12/2/2017
Lawyer: Ray, Lawyer replied 7 months ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,174
Experience: 30 years in civil, probate, real estate, elder law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 7 months ago

Do you still have title to the proeprty or a promissory note with vendors lien or deed of trust here in Texas on the proeprty?
Please give me more information here ,thanks.

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Lawyer: Ray, Lawyer replied 7 months ago

I am trying to understand if this is secured note against the land or unsecured note.

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Customer reply replied 7 months ago
Sorry if vague on the answer. My Aunt and Uncle miss understood what my brother was asking for proof to tbe bank and signed a copy of the deed over to him. There was no lien put on the property. Only good faith that my brother would pay what he agreed in the original sales contract.
Customer reply replied 7 months ago
I do not want to doscuss on the phone. I will need to print your answer and provide to the family at a family meeting with them
Customer reply replied 7 months ago
I can forward the email with attached documents that I sent to her attorney if that helps.
Customer reply replied 7 months ago
If you send me your e-mail address I will forward the documents to you.
Customer reply replied 7 months ago
Not much other than the documentation we sent to her attorney. She will not return our phone calls. Her attorney wants us to go through her and not speak to my sister-in-law directly.
Customer reply replied 7 months ago
In the documents there is a copy of a letter singned by my brother where he admits to being late in the annual interest payment and asks for forgiveness along with the late payment. According to the original sales agreement all parties signed, the property should have gone back to my Aunt and Uncle. Ted, my brother never included his wife on any paperwork that relates to this issue. Although she and I talked about the money, interest Ted owed Mary after his death and prior to the funeral.
Customer reply replied 7 months ago
I don't know if Ted ever sat down with her to discuss the details of the purchase.
After the funeral I urged her to retain an attorney to walk thru the probate process and to settle with all creditors before spending any of his money. They were looking for a copy of his will. I don't know if he ever made one or had one notorized. I don't know if they found one. If they did they did not share the information with me.
Lawyer: Ray, Lawyer replied 7 months ago

You would have to sue them on the breach of contract.You need a Texas lawyer here to do so.You can seek whats owed and the legal fees here.

Lawyer referral

Contact us by phone:(###) ###-####(Toll Free), Monday - Friday, CST, 8:30 a.m. to 4:30 p.m. The call-in service is closed on legal holidays.

If the deceased person has an estate open you can file a claim here against estate and then sue if they deny it.Lawyer can do all of this.

I appreciate the chance to help you today.Thanks for rating 5 stars.

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