Third Opinion Please

[Abe_Froman]

What is the name of your state? TX

Ok, I was in a hurry and needed to get a contract with my ex-wife signed before I could could get any advice from an attorney. The details are below in my home made contract. The question is, will this hold up? I had it signed by both of us and a notary public today.

"I, jane doe (loaned) have fully considered and agree to the terms on a loan in the amount of $15,000.00 from john doe (loaner). The loan is to pay john doe his half of the equity of my primary residence at xxxxxxxxx. This $15,000.00 loan is to be paid in full when one of the following conditions occurs;

1. 13 years pass from the date this contract is singed.

2. I become married, or allow a life mate to live in the house.

3. I sell the house.

4. I rent the house.

5. I default on the mortgage.

6. Or if both of my children pass away.

This is a no interest loan that represents half of the equity of the house at xxxxxxxxxxx. I have fully considered and agree that the fair market value at this time is $160,000.00 and the pay off on this date is $127,000.00 and that john doe is entitled to half of that amount. I have also considered and agree this loan is in lieu of evenly dividing the equity in this house for immediate payment so that I may live in the house until one of the conditions of this contract have been met."

 

[HomeGuru]

What is the name of your state? TX

Ok, I was in a hurry and needed to get a contract with my ex-wife signed before I could could get any advice from an attorney. The details are below in my home made contract. The question is, will this hold up? I had it signed by both of us and a notary public today.

"I, jane doe (loaned) have fully considered and agree to the terms on a loan in the amount of $15,000.00 from john doe (loaner). The loan is to pay john doe his half of the equity of my primary residence at xxxxxxxxx. This $15,000.00 loan is to be paid in full when one of the following conditions occurs;

1. 13 years pass from the date this contract is singed.

2. I become married, or allow a life mate to live in the house.

3. I sell the house.

4. I rent the house.

5. I default on the mortgage.

6. Or if both of my children pass away.

This is a no interest loan that represents half of the equity of the house at xxxxxxxxxxx. I have fully considered and agree that the fair market value at this time is $160,000.00 and the pay off on this date is $127,000.00 and that john doe is entitled to half of that amount. I have also considered and agree this loan is in lieu of evenly dividing the equity in this house for immediate payment so that I may live in the house until one of the conditions of this contract have been met."

**A: what a loaner.

 

[Abe_Froman]

Thank you, now will it fly?

 

[HomeGuru]

Did you not read the response from IAAL on your initial thread on this same subject? Why did you make a new thread? That is a big no-no around here.

 

[Abe_Froman]

Yes, I read the reply from my first question. After being told by my ex on the way out of the notary's office that what she just signed is nothing more than chicken scratch based on what her attorney said, made me re-think the forum I posted it in.

Upon further consideration, I decided it may fit better on this topic, not knowing that I could post it on any and get the same result.

If I've broken the law, please advise.

 

[JETX]

Your 'agreement' is not a valid contract.
Pay an attorney the $100 to do a proper "Promisory Note"... you are risking far more than that in your attempt to be cheap!!