Legal Question in Real Estate Law in California
Real Estate
I sold property to a building contractor and his wife (RE agent).
They did not pay the principle when due (2/08) and continued to pay the interest-only monthly payments. A new notorized agreement for another 6 months was drawn up. Still there is no payment. Do I need a lawyer to sue? I live in LA County and the land is in Tulare Co.
Thank you.
5 Answers from Attorneys
Re: Real Estate
Well, unless you know how to foreclose properly, I suggest you find an attorney in Tulare that does.
Re: Real Estate
Did you structure this as a seller-carryback? If so, and your note and deed of trust are properly drafted and the deed of trust recorded, then you can foreclose. If not, you will want to consult with an attorney in Tulare Co about suing them.
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Re: Real Estate
It really depends on how you sold the property. Did you get a deed of trust? What did you get to secure the promise of repayment? You may need to foreclose on the property through the courts, in which case, you would need to sue in Tulare Co. Or, if you have a deed of trust, you can foreclose without going to court (after complying with various requirements). Depending on your documents, you may be able to sue for the payments and not foreclose. If so, you would be able to sue where the defendants are located, among possible other places.
Let me know if you need further help. We practice real estate law out of Newport Beach.
Re: Real Estate
Sounds like it. Where you live doesn't matter. The lawsuit venue is where the defendant lives or where the land is located.
Re: Real Estate
This response is not necessarily for the original poster, but also for others who might read this.
I like to answer questions like these, "See the lawyer you hired to review the original contract."
The time to consult a lawyer about a contract is before you sign it. The fee you pay to the lawyer is dwarfed by the cost of not having the contract done right.
If the other party drafted the contract and you didn't have it reviewed by a lawyer at the time, or worse, if somebody who isn't a lawyer drafted the contract, and the subject matter is a secured real estate transaction, I wouldn't be at all surprised to learn that your security interest in the real property either doesn't exist, or it isn't legally enforceable.