Need Help With A Contract....
Hey all was wondering if some of y'all could give me some ideas about how to word a legal contract. The situation is my ex-wife and I are selling our house. I need the contract to basically say that at closing I recieve the first $5000 of equity, and if there is any equity left over that that equity is split 50/50 between us. I know the equity is there for the first $5000 and there should be some left over after wards to split. I just want to make sure this is a legal and binding contract that she can't back out of once she signs it. So any help you folks could give would be grateful. I'm not too good with legaleeze.....
Thanks in advance,
Scott 
Scott, right off the bat, sounds like your former spouse is not in agreement with your concept of the sale money split. What is in your Divorce Decree about property jointly owned and how proceeds would be divided? That is a legal document and can be upheld.
Here's my imput for what it's worth: (1) offer her X amount of cash now prior to sale in return for her signing over her interest in the property --Quick Claim Deed to you
(2) bit the bullet and split all proceeds 50/50, she was after all for a time your beloved partner
(3) Get a free consolutaion and estimate as to cost to have legal agreement drawnup from an Estate or Real Estate Attorney. Perhaps based on proving you put more capital into the improvements or initial downpayment when you had purchased it.
Hope this helped.[ Edited by earl45 on Date 09/04/2003 ]
Quote:
On 2003-09-04 05:06, earl45 wrote:
Scott, right off the bat, sounds like your former spouse is not in agreement with your concept of the sale money split.
- This hasn't been discussed with them yet. We've been divorced 5 years and purchased the house after the divorce...we were trying to make things work for our daughter..didn't happen. Anyway it's better than the deal that they had already agreed to where they would get nothing. So I don't see them complaining about it too much especially considering I'll be handling the sale of the house. I was thinking of wording in that the first $5000 is return of my investment the rest is interest on my investment and my commission for selling the house. Kinda steep commission but who cares it's my ex.
What is in your Divorce Decree about property jointly owned and how proceeds would be divided? That is a legal document and can be upheld.
- As mentioned before, house was purchased after divorce.
Here's my imput for what it's worth: (1) offer her X amount of cash now prior to sale in return for her signing over her interest in the property --Quick Claim Deed to you
- All ready willing to Quit Claim to me as soon as under contract for nothing. They're motivated all ready put in a bid on a new home which was accepted sub to their sale of this house.
(2) bit the bullet and split all proceeds 50/50, she was after all for a time your beloved partner
- Will consider this only as a last resort.
(3) Get a free consolutaion and estimate as to cost to have legal agreement drawnup from an Estate or Real Estate Attorney. Perhaps based on proving you put more capital into the improvements or initial downpayment when you had purchased it.
- I just like to have things in writing once it's agreed on. That way it makes it harder for someone to back out. I'm just not good at the legal stuff
Hope this helped.
<font size=-1>[ Edited by earl45 on Date 09/04/2003 ]</font>
Thanks for the response.
Scott
Not sure if this if RE advise but here is my two cents. Having two x's and three kids 19 10 8. I have kept good terms for the kids. Gave my second wife( good stay at home mom for 10 years). The house upon departure. When she wanted to sell I gave her enough to buy and got the house sub to.
The piont is I think if she is entitled to nothing why have a contract. Just do what you need to after the sale. It's clear you want the best for your girl why pay a lawer food money or have some kind of homade contract when your intention is clear. Dident mean to pry, Hope this helps
Scott,
It is always better to get it in writing no matter how clear your intentions are. In OK there is no admissibility of "intention." It doesn't need to be fancy language, just what you wrote in your first post may be adequate. Doesn't even have to be notarized or witnessed, although that wouldn't hurt. Being the cautious sort, I would reccomend that you have a lawyer's input to work out any potential problems before they happen.
Go Sooners!
My experiences are that the ex agrees in word but reality is different without a legal doc. Sounds like you don't trust your ex and I have been there. No matter what happened, something went wrong and it is better safe than not.
I don't know about you but I would get with an attorney for advise.
I don't know if you did or do but If you live(d) together after the "d" but your divorce may not even be legally valid if push came to shove and someone got mad and or greedy. Different states have different laws, here it use to be if you move in together within a specific time frame after the divorce your divorce is nullified if the other party forces the issue over "community" property. The common law marriage rule used to apply but I have not kept up on that issue either, but you may have one there. This may or maynot be a concern.
A contract of any kind, even hand written in this state is valid as long as it states exactly what you stated specifically and is signed by both parties in front of witnessess or a notary (preferrably a notary). My last agreement with my ex was done on a napkin and was accepted by the judge. (I even have it, later the lawyers typed it up but the judge accepted the original napkin (pending typed documents to be signed later) that done right there in the courthouse hallway.)