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I have a rental property that I allow my son to live there…

Goodevening, I have a...

Goodevening, I have a rental property that I allow my son to live there and give me the money for the mtg, I wrote up a lease saying that he would pay the mortgage, taxes and insurance, and allrepair. he has decided that he wants to more because to much work needs to be done on the house. So I decided to sell the property, my son said that he should get the money ffrom the sale because techically the hose is his, my name is ***** ***** the deed, and there ia a balance owed to the mortgage company

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Texas

Lawyer's Assistant: Has any paperwork been filed?

No, I actually have all of the paperwork, I signed a contract today for the sale of the property

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Answered in 1 minute by:
3/14/2018
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,576
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Why would son think the house is his if you are the legal owner?

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What is your legal question I can help with tonight?

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thanks

Barrister

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Customer reply replied 4 months ago
because I wrote a contract saying buyer and seller , he was surpose to pay the mortgage until paid in full, then I would sign the deed over to him. it is not paid in full yet and he is going to move because there is a issue with the plumbing that will cost about 10,000.00 and he does not want to pay for that. but he feels if I sell the house the money that is left after the pay off that he should get it sll.
Customer reply replied 4 months ago
I wanted to know what is the right thing to do?
Customer reply replied 4 months ago
are you there

Ok, that isn't a lease then...that is a contract for deed and he is the equitable owner if not legal title owner. When you enter a contract with someone saying you are selling the property to them, then they become the equitable owner as long as they are complying with the contract.

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But if he breaks the contract and abandons the property and stops paying, then you have the right to take it back and cancel the deal.

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Customer reply replied 4 months ago
it is really just a lease saying that he would pay it and what is is responsible for. because the mortgage company is not even paid off yet
Customer reply replied 4 months ago
I just added the contract

Ok, so you are saying two completely different things...

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""because I wrote a contract saying buyer and seller he was surpose to pay the mortgage until paid in full, then I would sign the deed over to him"" that makes it a land contract..

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Now you say it is a lease...

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They are nothing alike..

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You use the term "Buyer" throughout the contract... that makes it a sales contract...

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Customer reply replied 4 months ago
okay, but my thought in writing to was to protect him if something happen to me. also i thought as long as the mortgage was not paid in full , I am the only owner no one else. if and when he would have paid the mortgage then he would become the rightful owner.
Customer reply replied 4 months ago
i do not have the deed yet said property is not paid in full

That is the problem in entering into contracts if you don't understand the legal ramifications of them... you entered into a contract to sell the property to son as long as he met certain conditions. So if it gets sold before he fulfills all of them, he could sue for all the proceeds over what the agreed on sales price was.

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If he defaults on it and won't pay as agreed, you can terminate the contract and you don't owe him anything.

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I don't really know what to tell you here, but you should have asked an attorney what the contract did before you signed it with son..

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Customer reply replied 4 months ago
there is actually no agreed price on the contract, it just said when said mortgage is paid in full. he is moving on the 30th of the month, so he is actually breaking the contract?
Customer reply replied 4 months ago
also it is not a signed contract

Right... so whatever was owed on the mortgage is the agreed on price...

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he is moving on the 30th of the month, so he is actually breaking the contract?

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then if he stops paying on it and doing everything else it requires, then he is breaking it.

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and also it is not a signed contract

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That is kind of important here... because in order to have a binding and legal contract for sale, the parties have to put the agreement in writing and sign indicating that they agree to be bound. So if he sues he would have to convince a judge he accepted it by performing under it rather than signing..

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Customer reply replied 4 months ago
ok thankyou very much

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 title and the JustAnswer employees will get it to me.

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If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

.

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Thanks much

Barrister

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Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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Customer reply replied 4 months ago
I really left confused, because I really don't understand what to do

I can't tell you what to do, I can only tell you what your legal position is... If son honors the contract and does everything it says, then he gets the property if he pays it off.. If he stops paying and breaks the contract, you get it back.. It really is as simple as that..

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Customer reply replied 4 months ago
My son is moving on the 30th of this month, so I guess he is breaking the contract

If he stops paying for it and for the maintenance and upkeep, then yes, he would be breaking the contract.

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Customer reply replied 4 months ago
Ok got it, it revert back to me, I will sell and payoff the mortgage

Correct.

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Customer reply replied 4 months ago
Ok thxs

Very welcome.

.

Please take a moment to rate my service as that is the only way I am compensated for my work.

.

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Have a great evening!

Barrister

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Customer reply replied 4 months ago
Thankyou

Any time.

.

.

thanks

Barrister

Ask Your Own Real Estate Law Question

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,576
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
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