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This comes directly from the divorce papers:
“An appraisal shall be done to determine the value of the real property, and Petitioner and Respondent shall each pay one-half the cost of the appraisal. Petitioner is awarded the real property, subject to Respondents lien on the real property for the amount of one-half of the appraised value of the home, which amount Petitioner shall pay to respondent upon the first of the following to occur: Petitioner remarries or cohabitates, or vacates the home, OR parties’ youngest child graduates in due course from high school or attains 18 years of age, whichever later occurs.”
Appraisal was never done on the home and there is no lien on the home. It says that petitioner is awarded the real property, does that mean it is the petitioners. Help me understand this please. Is it saying that the petitioner has a lien against the home owed to the respondent. When this divorce occurred there was no bank loan on the house, it has been completely paid for.
I’m trying to help a friend in need right now with some issues that are occurring with the ex demanding rent money for the house.
Also assume that the youngest child is graduated and past 18
Also, according to what i read, in order for there to be an actual “lien” there must be a deed, a note and a deed of trust (or mortgage). None of this ever occurred.
I am considering changing jobs and was thinking about taking an estimated $100,000 out of my 401K and investing it into additional real estate. I presently have 3 income properties, two of which are free and clear but need about $20,000 in improvements and the other is occopied with an appraisal of $36,000 and an equity loan balance of $4,000.
In my targeted area, I can possible purchase two additional income properties and because I am a licenced contractor and doing all the work myself , I figure i’m saving money on the improvements.
I understand the penalties of cashing out my 401 K but also think there are some advantages to investing the money in real estate. I think I can increase my assets while making some additional money by using the money in my 401 k instead of trying to borrow from a bank.
Any advice on the advantages or disadvantages
clients for over
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