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Divorce & Family Law This forum is for discussing any of the legal issues involved in your divorce.

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  #1  
Old 06-01-2021, 08:32 PM
fulian555 fulian555 is offline
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Default INTERIM Offer to Settle : Sale of Properties

we have 2 houses, the MH and a TH, she is living in MH and I am living in the TH. The price of MH is around 1M, and the TH is around 650K.
buyout is not possible.

I received an offer from my ex's lawyer today about the sale of 2 properties.

In the offer, she listed 3 agents for me to choose. along with some other terms which does not look fair to me :

(Applicant is my ex)

1) With regard to the closing of the sale of the MH same shall not occur prior to
September 1, 2021, unless the Applicant in writing agrees to waive this condition. The decision to waive this
condition shall be made at the sole discretion of the Applicant.
2) All decisions to be made with regard to the listing and sale of the MH and TH shall
be made jointly by the Applicant and the Respondent, with the exception of the closing date for the Huntsville
Drive property as set out herein.
3) In the event that either or both of the properties have not sold within 30 days of the listing of the property,
the Applicant and the Respondent shall discuss with the jointly retained real estate agent decreasing the price of
same and shall follow the agent’s recommendations. If, after a further 14 days, a property has not been sold, the
parties shall again discuss with the jointly retained real estate agent decreasing the list price and shall follow the
agent’s recommendation.
4) Prior to the parties accepting an offer from a third party for the purchase of the MH,
the Applicant shall have 24 hours in which to determine if she will match the offer made to purchase the home.
If the Applicant confirms that she will match the offer made she shall complete an Agreement of Purchase and
Sale, containing the same terms and conditions as contained in the third-party offer, and provide same to the
Respondent. So long as the terms and conditions of the Offer match the third-party offer, same shall be accepted
by both parties.
5) Prior to the parties accepting an offer from a third party for the purchase of the TH, the
Respondent shall have 24 hours in which to determine if he will match the offer made to purchase the home. If
the Respondent confirms that he will match the offer made he shall complete an Agreement of Purchase and
Sale, containing the same terms and conditions as contained in the third-party offer, and provide same to the
Applicant. So long as the terms and conditions of the Offer match the third-party offer, same shall be accepted
by both parties

All of our money are in the MH, the TH is an investment property. I am not comfortable about this offer because there is possibility for her to match a decreased price of the MH. and I don't trust the agents she list in her offer at all.

How can I make a proposal in which the agent doesn’t really matter, and make sure the agent will try their best to sell the properties as much as possible.

Many thanks.
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  #2  
Old 06-02-2021, 09:38 AM
tilt tilt is offline
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So send it back with you listing three agents and she chooses one.

This OTS means that both of you lose money to a real estate agent fees. Would it not make sense to get appraisals for both properties and have a period of time that either of you can make an offer to buy out the other based on the appraisals? Then if it doesn't you can go through the hassle of listing the homes. Her bidding for the MH on the open market is not disadvantageous to you at all. She would be paying the market value. Te agents want the highest sale price because they operate on commission, this is especially true if you are the one choosing the agents she has to choose from.
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Old 06-02-2021, 09:59 AM
fulian555 fulian555 is offline
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we actually have done 3 rounds of appraisal.

Let me give some history about this.

In 2019.

we jointly hire A do the appraisal. His value are $625K for MH, $420K for TH. I appealed, he corrected it to $740K for MH, $420K for TH.

My ex does not agree with the 2nd appraisal, then hired B to redo it.

B's appraisal. $690k for MH, $440K for TH. I agreed, but since we have other dispute, so this issue is not settled as well.

2020 pandemic.

2021 renew the appraisal from B. $870K for MH, $660K for TH. this price obviously does not make any sense to me because the MH increased less than the TH. and I know the market as well, there is no way to get a Single home by less than 1M. the MH is built in 2017 new single home by Uniform.

I brought a motion for sale. then get the offer from my Ex.

Other than the terms I mentioned above. there is one more term does not make any sense which makes me has concerns about it.

15. Each property shall be sold to the first perspective buyer making a reasonable offer received by the parties,
as determined by the Applicant and the Respondent jointly, taking into consideration the recommendations of
Offer to Settle (page 3) Court File Number xxx
dated May 31, 2021
the jointly retained agent. The Applicant and the Respondent agree that neither property shall be sold if the
amount offered by the purchaser is less than the following:
a. $1,150,000 for the MH; and
b. $720,000 for the TH

If she really think those are minimum sale prices, we can reach an agreement at the very beginning, I actually have asked my lawyer to propose to her lawyer that I can agree with the minum price she proposed and we can buy out each other based on those prices, but I have not received any response yet. and to be honestly I don't think she will agree to buy me out using this price.

Does the terms look normal? Is there anywhere I can find a template offer about sale of properties?

Thanks.
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  #4  
Old 06-02-2021, 11:01 AM
tilt tilt is offline
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Well since she won't accept the appraised price then yes market sale is the way to go. It sounds like you two have a hard time agreeing on anything (ok, sounds like mostly her...) so the clause: "Each property shall be sold to the first perspective buyer making a reasonable offer received by the parties, as determined by the Applicant and the Respondent jointly" is a useless clause. You are guaranteed to not agree, so an unbiased professional third party should be able to make the decision within 12 hours if you do not agree. I had actually suspected that she was going to have a third party make a lowball offer that she could "match", but it sounds like the minimum price has already been set quite high.

Suggesting the agreed sale price should be the proposed minimum sounds reasonable to me! She can't eat her cake and have it too.
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Old 06-02-2021, 11:17 AM
fulian555 fulian555 is offline
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I am also waiting for her response, wondering what she will reply...

Thank you very much!

Really appreciated
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Old 06-02-2021, 01:01 PM
rockscan rockscan is offline
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Shes trying to skew it in her favour so she can get the MH home but not pay market value. If she didnt want the house she would go for highest bid possible.

Your counter should be that the houses are listed for a specific period with bids placed until x time and date. The realtor will provide you with the bids and you will offer the second highest bidder an opportunity to outbid the higher bidder at that time and take the highest bid.

Right now the market is pretty insane with buyers bidding well over asking to win the house. You can probably get 1 million for the house but your ex doesnt want to buy you out at that price. Fuck her. If she wants the house but cant afford the market price then thats not your problem. Unless you live in a condo in DT Toronto or your place is shit, your houses will sell high. Do whats best for you and forget her bs.
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Old 06-02-2021, 03:48 PM
fulian555 fulian555 is offline
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Quote:
Originally Posted by rockscan View Post
She�s trying to skew it in her favour so she can get the MH home but not pay market value. If she didn�t want the house she would go for highest bid possible.

Your counter should be that the houses are listed for a specific period with bids placed until x time and date. The realtor will provide you with the bids and you will offer the second highest bidder an opportunity to outbid the higher bidder at that time and take the highest bid.

Right now the market is pretty insane with buyers bidding well over asking to win the house. You can probably get 1 million for the house but your ex doesn�t want to buy you out at that price. Fuck her. If she wants the house but can�t afford the market price then that�s not your problem. Unless you live in a condo in DT Toronto or your place is shit, your houses will sell high. Do what�s best for you and forget her bs.
Thanks a lot for the advice.
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