Q: Can a Claim of Interest be filed with the Register of Deeds on real estate without any kind of judgment or legal ruling?
I purchased four foreclosure properties since 2008 through a real estate broker who had a group of investors. He insisted on a verbal agreement of a $5,000 acquisition fee which paid for the research and bidding at auction and 50% of the upside when the property was sold. There was never any mention of a time limit to sell the property and I told him I was buying these properties as part of my retirement plan and have them all rented. Around 2012 the broker went through Chapter 11 bankruptcy and wanted all of the investors to sign a written agreement saying they would sell the properties within five years of the purchase. A few signed but most, including myself, did not. He came out of bankruptcy after making all of his agreed upon payments to creditors. Claims of interest were made in 2013. About five months ago he wanted to meet with everyone to go over expenses and discuss selling the properties but I said I would only honor the original arrangement and was not ready to sell.
A: I have seen the "claim of interest" abuse with costly results. Your problem sound complicated, and the facts you stated do not permit a simple answer. You should consult with an attorney.
A: Sorry, I posted the answer too quickly after typing on a phone. Please substitute the following words for my mistakes: abused and sounds.
A:
I agree this is WAY too complicated to address in a forum like this. PLEASE take all the documentation to a local real estate lawyer who can review everything and provide you a real opinion!
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
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