Anne, maybe you should… - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on September 10, 2003 at 11:02:47:
…become a lawyer. Excellent advice.
There are often two kinds of advice we need from time to time: legal and practical. E.g. you may have a solid legal right to sue someone, but if they are judgmentproof and you couldn’t collect on your judgment, why bother?
Anne has given you excellent advice, both legally and practically.
I have never heard of the term TOD. It isn’t common in my part of the country but I sometimes have call to sign my name under someone else’s’ as agent, to remove legal liabiltity from myself.
The question you need to answer is what will happen if you press her honor her installment contract with you as well as to pay the space rent? Will she likely default or do you think she will pay? If you did your due dillignece before making this deal you should have a copy of her credit record and know about her job, home ownership and other assets etc.
If she has a long term steady job and or excellent credit that you believe she would want to protect, I would require her to pay whatever she contracted for, at least until you can resell it and determine your loses if any.
If her job, credit, etc are problematic, then I would lighten up a bit and do as Anne has suggested and try to just get her to pay the space rent until you get it resold. That is all you would probably be able from a court anyway. It would be unfair for a judge to give you a judgment for a full years’ rent and then you resell it and don’t have to pay more than one month’s rent.
The situation with the mobile home is slightly diferent. You would be more likely to get a judgment for the full purchase price for two reasons: one is that when she pays she gets something for her money (the benefit of her bargain) and the other reason is that each mobile home is unique and speciic performance is one of the more commmom remedies when sueing over contracts involving unique property.
Talk it over with her explaining that she and her credit are responsible for both contracts (the space rent and the mobile home). Offer to help her out of HER problem, but remind her that he was HER father, SHE signed, and it is HER problem.
You should try to find a new buyer for the mobile home and get him approved by the park, BEFORE you release her from ANY liability. You may have to sell it at a lower price the second time, to get a quick sale or to attract a well qualified buyer, who knows?
You have to now do much additional work. It would not be remiss for you to expect to earn a fee of about $500 for this additional work, especiall if if you find another buyer for her.