All Forum Posts by: Ryan Fox

I made a private loan to a borrower secured by a deed of trust. The borrower is now refinancing. Is it customary for me to draft the release of DOT (sometimes called a "deed of release") or does title usually prepare that, or is there really no custom? Thanks in advance

@Myriam Keaton- You may need to be licensed in CA to do this loan.  I have referrals to attorneys who can break this down for you and provide all the loan docs you need, if you're interested.

@Mike Hern- I don't practice in non-community property states so I can't really comment.

@Leslie Johnston - There is an option that doesn't involve slogging it out in litigation with your ex while still preserving your daughter's future rights to the property.  If you haven't done so already, you could create a living trust and transfer your interest in the property to the trust.  The trust could be set up with your daughter as a beneficiary so your interest in the property could pass to her upon your death without the need for probate.  This still leaves your husband on the title but maybe that's a battle better fought (or settled out of court) on another day.  

I say this is an option because I really don't know all the facts.  It's just information and not meant as advice.  And you don't have to disclose anything else publicly.  One thing I'd want to look into, among others, before advising on best course of action would be to request the court's entire file from your divorce case.  This is something you can do if costs are a consideration.  The court can be reached by phone or you might be able to do it online depending on the county. 

@Jairo Rincon- and I will add that it doesn't matter if you tell them you're going to live there yourself, if they're skeptical that you will owner occupy they will make it more difficult to buy.

@Jairo Rincon- So I'm certainly not a lender, but my understanding is that a lot of builders of new homes are looking to build a community of owner-occupants as opposed to renters.  That may be why they're asking for the higher earnest $.  

@Brian Willie- If you're going to do it for just one property, it's probably not worth the legal cost to get a lease option agreement drafted, but if you're doing it for several, it may be.  Below are some war stories I have dealt with pertaining to lease options:

1) Lease option contract was signed and left at home.  Home burnt down with the lease option.  Landlord then denies there was ever a lease option agreement.  Landlord and tenant end up in expensive litigation for years.  Takeaway: a copy of the lease option agreement needs to be put somewhere safe.  It possibly could be recorded depending on the state. 

2) Tenant pays the lease option premium, then stops paying rent.  Landlord tries to evict, but tenant sues in civil court for breach of contract, stringing out the eviction process for a year while not paying rent.  Takeaway: it may be harder to evict the tenant with a lease option.

3) Tenant thinks she's signing a lease option agreement.  Landlord thinks she's signing an installment sales contract.  They wind up suing one another.  Takeway: it's important to have a well-drafted lease option agreement from the beginning.

*For informational purposes only, not meant as legal advise.

@Courtney Mccrear- Julie Anderson her firm info is at mokslaw.com

In Kansas City, MO I use Julie Anderson of Anderson & Associates (mokslaw.com)

@Pavel Feldman- This is something I'm going through with my former property manager right now.  However, each situation is unique.  Each property management contract is unique.  

Let's say your property manager contracted with an HVAC contractor to do repairs on your property.  Even though you may not have approved the repair, there are still legal theories that would allow the PM or the contractor to recover the value of the services provided.  It would be wise to try to have an attorney in the state where the property is located to review the property management contract and demand letter.

*For informational purposes only and not intended as legal advice.