You Be The Judge
Here is a deal I am involved in and went to court yesterday to testify:
In early 90 I bought a condo in a duplex condo area where you own 50% of a duplex. I bought with 0 down for $27,000 and had it rented for $425 per month. I got into trouble on all 22 of my properties and sold them to a partnership where I was still 1/3 owner. I was given a $1.25 million dollar note and the back payments were made and I was promised a brand new truck as part of the deal. Never got the truck and only got a few months payment on the note and we started having words of course. Partnership too had sold the properties to another partnership at a greatly inflated price and mainly to GI's in Germany that could use the tax write off. At this point I wanted out and wanted all my property back. To avoid a legal battle I settled for about half of them and we decided to let a few of them go back to the bank. All the mortgages still in my name as I sold sub2. The condo was one that I did not get at the time. I got deeds and recorded them on 9 of the properties. At some later point I got the deed on the condo and several more of the properties but did not record the condo deed as I felt at the time that it too was headed for foreclosure and I could not afford the fix up and reinstatement costs.
2003 rolls along and I am contacted by investor S and asked if I want to sell my interest in the condo. He saw that it was posted by travis county for a tax sale of 2002 taxes. All previous taxes had been paid by investor K. S contacted the GP of the partnership that still had title in its name and got a Quit claim deed for 10 bucks in the form of a personal check that never was cashed. The GP testified that he gave me a deed back in 93 and I too testified that I got the deed and had lost it . Just after S contacted me K contacts me and says that he had fixed up the property in 94 and thought he had bought the note with 4 other notes he bought from a Dallas bank. He was trying to gain ownership by adverse possession over 10 years but only 8 to 9 years have passed. K got a deed from me for $500 and a promise for $2500 more if he is successful in the lawsuit.
The case was tried yesterday and the judge is reviewing all the information about lost deed cases etc. Plaintiff is seeking $3000 attorney fees, $4000 in rents collected by S and ownership of the property. You be the JUDGE and give your opinions about this case.
Good LUCK and Thank You
Hope this helps some
Ted Jr
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