House Buy-out

[chiswick]

What is the name of your state (only U.S. law)? Massachusetts
Divorce filed in May 2017 - we are living in the marital home and it is getting contentious ever since filing. At our pre-trial conference the judge asked “then what are you waiting for buy her out ASAP” as I want to keep my home. How long do I give her to move out after her share is transferred. I am putting her equity in escrow with my attorney - started procedure this week and will pay off 30k mortgage.

 

[HRZ]

Not to be funny but approximately 5 seconds after she is no longer a deeded owner ...after that she smells like a tenant and squatting tenants have big piles of due process rights. ..and that also means not being a free storage locker for her possessions ...smarter if via your attorney there is a written surrender of all rights to be there ..in short the money transfers at surrender and not before unless your attorney has a smarter plan. And you want the executed deed tied in there ...and BTW ...at least a limited warranty and bring down search unless you are super positive there are none of her creditors in any woodpile re home ...

BTW has she agreed to this buyout..

 

[chiswick]

Yes she has

 

[LdiJ]

What is the name of your state (only U.S. law)? Massachusetts
Divorce filed in May 2017 - we are living in the marital home and it is getting contentious ever since filing. At our pre-trial conference the judge asked “then what are you waiting for buy her out ASAP” as I want to keep my home. How long do I give her to move out after her share is transferred. I am putting her equity in escrow with my attorney - started procedure this week and will pay off 30k mortgage.

Why do you think its even remotely appropriate to put her share of the equity in escrow with your attorney? She should be handed her share of the equity at the closing table of your refinance. Your buyout of her will not be complete until she has her money.

 

[HRZ]

IF you hand over money wo her simultaneous surrender of premises and a clean deed ..you just lost common sense elements of a safe outcome to that part of bigmpicrure.

 

[adjusterjack]

Yes she has

Then she gets her check when she and all her belongs are out the door and she hands you all the keys.

It's that simple.

 

[not2cleverRed]

https://forum.freeadvice.com/other-real-estate-law-questions-11/removing-name-deed-parents-home-645786.html

Did she have information about the other property before agreeing to the buyout?

 

[HRZ]

Interesting posting history ...

OP ..absent a written agreement as to this buy out ...you have but smoke to hold upon.

 

[chiswick]

Yes she knew about other property for a couple of years

 

[chiswick]

She is ver hard to communicate with - we have to do everything through lawyers

 

[chiswick]

My lawyer is drawing up the agreement and sending it to her lawyer to sign.

 

[HRZ]

IF you think she is going to sign and perform under an agreement crafted by your attorney to protect you any time soon...I'll bet on Trump to build the wall and finish it first and have DACA resolved the way he wants it .

 

[LdiJ]

IF you think she is going to sign and perform under an agreement crafted by your attorney to protect you any time soon...I'll bet on Trump to build the wall and finish it first and have DACA resolved the way he wants it .

If she has the cash to get her own place, its not all that likely that she would even want to stay. It cannot be any more comfortable for her than it is for the OP.

Where I think that the OP is messing up is his plan to put the money in escrow with his attorney. There is absolutely no reason for that and all that will do is unnecessarily delay things. They can have a written agreement that she gets her money at closing and then has 48 hours to move her belongings. Since there is no other party involved there shouldn't be anything to delay a planned closing so she should be able to set things up to be out virtually immediately.

 

[HRZ]

I think the STBX wife is hung up on a two year prior to divorce filing of surrender or gift back of a share of OPs childhood home on which he was but of 4 owners and dad is still there and we have no clues about how the deed was structured and who holds what interest,

I have no clue if a transaction in plain view on public record over a year before divorce was apparently filed is a likley claw back into the current pot much less any idea of value to split ....but apperently she wants value input pot and he thinks no way ..and two lawyers may be happy to advocate thier clients point of view .

..I might be wrong, again, but she's not going to go for any deal until it locks in a slice of his childhood home value she says he transferred improperly before divorce.

BTY as a wild guess if the title was JTROS with his sister and the home was encumbered with a life estate with dad I'd estimate the open market value of his share to be be about zero and I don't think one can actually sell a jtwros interest to yet another as the act of selling coverts it to TIC ...

 

[LdiJ]

I think the STBX wife is hung up on a two year prior to divorce filing of surrender or gift back of a share of OPs childhood home on which he was but of 4 owners and dad is still there and we have no clues about how the deed was structured and who holds what interest,

I have no clue if a transaction in plain view on public record over a year before divorce was apparently filed is a likley claw back into the current pot much less any idea of value to split ....but apperently she wants value input pot and he thinks no way ..and two lawyers may be happy to advocate thier clients point of view .

..I might be wrong, again, but she's not going to go for any deal until it locks in a slice of his childhood home value she says he transferred improperly before divorce.

BTY as a wild guess if the title was JTROS with his sister and the home was encumbered with a life estate with dad I'd estimate the open market value of his share to be be about zero and I don't think one can actually sell a jtwros interest to yet another as the act of selling coverts it to TIC ...

I dunno, he never actually said that his wife was holding up settling on this house over that, we inferred it but he never actually said that.