Thanks! (nt) - Posted by Brad Crouch
Posted by Brad Crouch on April 01, 2006 at 03:14:00:
Thanks!
Re: here? - Posted by Marc Donovan
Posted by Marc Donovan on April 02, 2006 at 16:30:04:
An executory contract is one that has not been fully performed by one or all of the parites. A purchase and sale contract is executory until the deed is delivered and accepted or until the contract expires. Until that time, there is a promise to deliver the deed on the sellers part and a promise to pay the purchase money on the buyers part. Doesn’t that sound like an executory contract?
An option is the same exact thing except there is no promise from the seller.
Yes, technically the seller can deed to another buyer during this period. My point was that the contract holder is given the rights of sale and the seller cannot sell without defaulting on the contract. If that sounds dubious, then take it for what its worth.
The crux of the issue is that you will not win an eviction in county court. Writing two checks will not stop that from happening. All the tenant has to do is show the option and the county judge will tell you he does not have jurisdiction. Then you will have to start all over again in big boys court. Granted you will win, but it wont be a simple eviction. The county judge will not care if you have two checks - he’s not allowed to hear the case.
here? - Posted by Nike
Posted by Nike on April 02, 2006 at 19:19:54:
Yes, it’s an executory contract. I don’t know what I was thinking–but you are right.
I didn’t realize you were focusing narrowly on the evicition issue rather I thought you were addressing the equitable mortgage issue.