Please explain the process to me.

[mommymushbrain]

What is the name of your state (only U.S. law)? Arkansas

Ex and I just divorced.

We are currently purchasing 2 acres via owner finance contract. The agreement states he will remain on the property, maintaining upkeep/payments, etc. In 2012 when it is paid off, we each get 1 acre apiece, separate from the other.

1)How does something like that work? I don't even know how a single piece of land is titled/deeded.

2)He's already threatened he's not signing anything over to me... laughable because I'm on the contract - I still technically own it with him. So what would happen if he refused to sign anything? He basically told me he'll see me in court in 2 years when it's paid off.

3)In the event he defaults on said property payments, I retain the right to pick up the payments and he forfeits all rights. How does that work?

TIA!

 

[latigo]

If you expect to learn what rights if any, that you have under this three party agreement, then you must sit down with your attorney and have him or her read all of the related documents.

I use the expression “if any” advisably, because I’m sensing that whatever you have was put together rather loosely, hence your confusion. And contracts involving the purchase of land that are loosely drawn and confusing are not always enforceable.

Again, it is critical that you get your attorney involved and soon! You aren’t going to find answers on the worldwide web no matter how powerful your computer.