How Do I File On My "Right Of Reversion"
I thought this issue was addressed last month by an agent for a Title Company when he re-viewed my documents, and told me that I've actually owned the property since May 4, 1996 because of the stipulation in the "right of reversion" clause. Now the issue has raised it's head again, so I'd appreciate member's advice as to what steps I can take myself to get the other party's name off my deed Here's my tale:
In 1994 in Florida, I went into Contract on a small condominium, kind of like a "rent to own" deal with $1,500 down. I was given a "Special Warranty Deed" and an "Addendum to Special Warranty Deed" which was duly recorded at the Court House in Nov. 1994. The deal was that I had 18 months to "assume" the mortgage which the investor had gotten financing for. I did as called for and applied with his mortgage company, but my debt ratio was too high and I was not approved. My name is NOT on the mortgage note, only his name & corporation at the time. I continued making the mortgage payments and am able to claim the interest on my taxes.
He has never contributed one dime in now almost 10 years.
The investor at some point closed the corporation. Now apparently, his name and that of his corporation have just been reinstated 06/09/03.
According to the "Addendum to Special Warranty Deed" Nov. 1994, if Grantor, him, did not record an Affadivit in the Public Records of my County in Florida saying that I violated any terms of the
Assumption Agreement, then: "In the event that Grantor has not recorded such Affidavit by May 4, 1996, the Right of Reversion in favor of Grantor shall terminate and title to the Property shall vest in Grantee." That means me.
Now my lawyer has looked at all this and wants to contact the re-instated investor. Shouldn't I be able on my own to take my recorded documents and some kind of letter like "Whereas Grantor has not filed an Affidavit claiming his Right of Reversion, I claim my right to remove his name from my property" -- from me to the local Court House and file on this myself???
Because this guy was reinstated, does this also bring up all his past dealings?
I look forward to hearing what you Members will say.
Joan 
[ Edited by earl45 on Date 08/23/2003 ]
You know, I've been re-reading my own post.
I believe technically I do now solely own my property; however, since I am not on the Mortage Note and the investor-corporation is, this property has never shown up on my Credit Report. I could just walk away with no recourse to me and the mortgage co. would go after the investor for foreclosure not me. That is not my intent.
Could the investor-corporation just turn over the current mortgage to me? i.e. release his interest with the mortgage company? I fear if his name was removed from the Deed that the current mortgage company could call the note.
Pehaps I should just let sleeping dogs lay.
I do, however believe I have 2 options.
(1) Sell the property and pay off his mortgage (2) Get myself a totally new mortgage under my name.
Well, members, did I get it right? Any other thoughts on a solution?
Hi Earl:
.
Its been a while since I read up on future interests so please don't take the following as scripture. I'm speaking off the cuff here.
You asked if you needed to do anything in order to "claim your right of reversion". As I see it, thats not what you have here.
A reversion, which is a future interest in property, would operate to transfer fee simple in the grantor (seller) of the estate upon the happening or nonhappening of a certain event. In this case, however, the nonhappening of an event (failure to record a certain document) would purportedly operate to transfer ownership of the estate to you (not the grantor). As I understand it, this is NOT a reversion because it is NOT reverting back to the grantor. This is going to you. Hence, it is probably a REMAINDER. (In legal parlence, there are two types of Remainders: contingent and vested. Contingent remainders are subject to the so called "rule against perpetuities"
This is a obscure area of the law which is best left to attorneys who deal with trust and estates. Hopefully whoever is handling this for you is well versed in that area.
J
Thanks so much for your response on this important matter.
Of course, the "legalese" of what you wrote is completely beyond me Jorge.
When initially presented to Title Co. manager for review end of July, (I thought this guy was a Lawyer, but turned out he's not, but has 2 lawyers working with him) -- Mgr. said it was quite clear as written, i.e. that I have solely owned this property since May 4, 1996 when Corporation did not exercise--file against the "right of reversion" in grantor's favor.
My Lawyer indicated that he is going to try to contact corporation's officer and inquire about it. Maybe they still need to sign off. Whatever.