Legal Question in Real Estate Law in Texas
Real Estate Joint Venture Agreement
In order to help my father in law save his ranch, my husband and I took out a home equity line of credit to pay his delinquent payments. He could not pay us back and offerred to share ownership in exchange for our guarantee on a new loan. He created a joint venture agreement which was presented with the loan documents where we closed at the title company. I have now learned that the title was never transferred. What ownership interest rights does a joint venture agreement hold if the deed of title is not transferred. Is this a breach by the bank, the title company or fiduciary duty?
1 Answer from Attorneys
Re: Real Estate Joint Venture Agreement
As between you and your husband on the one hand, and your father in law on the other, whether the agreement was recorded or title transferred or not, your rights or lack thereof under the JV agreement are not affected -- without looking at the papers I cannot evaluate your rights. The lack of recording does expose you to the risk that your father and law might sell or further encumber the propertty and those he sells to or borrows from will not be subject to your rights, unless they have actual knowledge of the agreement. you need to get sometinhg recorded which puts the world on notice of your rights.
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