Q: Hello, My question regards sale of land in Texas. I am one of 5 heirs to a very small tract of land.
I verbally agreed to sell my interest but didn't sign a sales contract. The realtor handling the deal had a sales contract that only had one party's name & signature as seller (not my name). The only info I had prior to closing was the sale price, that the proceeds would be split evenly among heirs, & the approximate amount that each heir would receive. At closing, the HUD1 showed a 20% commission to the realtor. I refused to go forward with the sale after seeing the commission. The title company is now requesting that I sign a TREC form for earnest money release/termination of contract. I want the buyer to receive his money back, but I want to be sure If I sign, it means that the other parties cannot file a lawsuit against me later for not going through with the sale. Also, shouldn't my name have been on the sales contract in order to be considered a party to the sale? I don't understand how the title company is holding me as a party to the sale when I'm not on the sales contract.
You need an attorney to handle this for you. The good news is that it should be easy to draft an agreement or release for the buyer to get their money back that protects you. However, I would need to see everything you previously signed, and anything presently offered for your signature.
Other than that it would be difficult to give you a solid fix.
At my office you are looking at about 1/2 to 1 hour of work totalling about $175-$350 for all.
Don't forget you will need some further advice and legal help for the next time you try to sell the land.
Who is the Estate representative? Who is occupying the property? Are they paying rent? Lots to consider before you wrap this matter up.
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