Bargain Boats

I agreed on a purchase price for a home for $500,000.00. I had a home for sale for the same price. I was wanting to wait to move into the new home after I sold my house. The owner was adamant I moved into the new home in April 1, 2008. We agreed on a price of $10,000.00 a month which I started paying in December of 2007, and have every month since. So I have paid $100,000.00. I went to his lawyers office which is in the same office as my lawyer. I asked my lawyer if it was ok to sign the Buy Sell agreement. He said it was a basic agreement. I knew I had to get financing by 12/15/08, or I would lose my money paid toward the purchase of the new house minus some Interest. The seller moved out of his house and left everything but their personal photos. The seller is regarded as a multimillionaire. I thought it odd he and his wife would move out and leave everything and move into a 14′x60′ mobil home! The agreement listed in the Buy Sell agreement the purchase price of the furniture for $20,000.00. He was insistent we move into his home on April 1, 2008. We did. A few months later the sheriffs office started attempting to deliver papers to the Seller. They left a set of papers with my wife for us to deliver to the Seller. I couldn’t help but read this suit. It was for the sum of almost $500,000.00 for a personal guarantee they made on a loan with a major US bank. I called my lawyer, he told me to return the papers to the sherriffs office. The next day, the sherrifs office came back to my home to drop off more papers. I returned the papers to the sherrif. The officer replied they had several more to serve to the Sellor and his wife. I hired a lawyer to investigate this situation. It was found Sellor was being sued for about $1,000,000.00. The house I am paying $10,000.00 a month on also had up to a $50,000,000.00 attachment for a real estate deal he was doing on condo construction. He denied he was being served papers. He said they were someone elses. I saw the paper. They were his!
Since, Sellors sister told me Sellors condos have a huge note on them, and the loan has been called. Sellors sister was concerned because her father built a new home and the same Sellor of my home, still owns the land fathers house is built on. Sister went to court house and said all of the property my new house, and her fathers house is on is tied up with the called note. I also found out he has a Line of Credit of $350,000.00 tied up in my home also. Sister found out Sellor has been taking $10,000.00 out of fathers account, as he has POA.
Sellor has started building a new home, but construction has stopped with bricks 4′ high. So I knew something was wrong with his finances.
He has been urging, even calling banks and setting up appointments for me to go and try to get financing on the home Sellor owns. I cant get financing on this home, because I havn’t been able to sell my house.
I am in the process of moving out, as Sellor has put everything he has up for sale. Sellor called me and told me I can move out, but this house is mine. I would have to keep making the $10,000.00 payments however until I sell Sellors house. I am out $100,000.00.
My lawyer and I met today, and he said the Buy Sell contract I signed didn’t have the usual terms in it to give me an out if I couldn’t get financing. The lawyer didn’t see this and didn’t advise me it needed to be in the contract before I signed it. Sellor is saying he will sue me for Specific Performance.
I have moved out the furniture from Sellors house, as the 1st two payments went to purchase of the furniture.
I also had a banker who was wanting to finance Sellor’s house for me, but it was found the 20′ of lake front was retained by Sellor. My banker informed me he couldn’t finance the property because the property had to go to the lakes edge.Seller told me I had a nice boat landing on the water. He didn’t say I could use it, that it was his!
What are my options if any except pay for the Sellors house? My lawyer told me I can’t list the home because I don’t own it.
Do I have any other options? Any Recommendations?
Thank you all very much.

I feel stupid asking this question, having been a lifelong boater, I just don’t know the proper term for this accessory but I can describe it and hopefully someone can tell me its “official” name so that I can try to find it for sale online or at Boatersworld/etc – There is a flexible (usually black) plastic tubular cover that has ridges all around it, much like a slinky or an elecric dryer’s flexible exhaust piping – It covers all the messy wiring, hoses and cables that come out of the front of your outboard motor, and usually just runs over to the side of the transom somewhere, where the wiring and cables drop inside the hull or flooring and go wherever they need to. My boat has a dealer installed Mercury 135hp Optimax outboard, but for some reason during installation, you can see where they took a razor and cut off the plastic cover at the front of the engine, probably so they could modify or work on the wiring for some reason. They should have really replaced the flex cover, and its been bugging me for a long time now – I am hoping these wiring covers have a cut underneath on the bottom so that you can just “pop” the cover over all your wiring (versus a solid piping that you’d have to disconnect every wire/cable from the engine and run each one thru the cover.) – Any assistance on the name of this item and maybe where I could buy the covers online or at a boating store – Thanks !!!

We had our 07 return prepared by a professional because of the sale of a rental property owned soley by my spouse. The profit from the sale of the rental put our income above the amout where the rebate is phased out. Also, it put us over the max income for claiming our son’s tuition. A friend of mine was in the same boat, but they filed married filing separate, our tax preparer filed us as married filing jointly. Should we have filed separately? Is that allowed? Is there certain criteria that has to be met to file separately? And, do we have any recourse as far as re-filing? Our lovely “pro” already made one error on our return so we’ve filed a 1040x already… can we do anything else?

Chad C asked:


I have a boat…no title. The orginal owner no longer has the title for the boat or motor. (I verifyed with TPWD that she is the owner).

I typed up a Bill of Sale indicating information for the boat and motor… etc…and had it signed by myself the owner and a witness that she sold me they boat.

Now what…do I apply for a lost title? Do I have to have her sign anything else?

When I walk into TPWD is a Bill of sale enough to consider the boat mine?
HELP

online auction

ralph p asked:


The boat is for sale by a reputable boat dealer.he said this is a trade in.He said this boat has tottaly been gone through,Tried to sell on ebay and other places,But would not sell.He will sell it to me for 6100.00, is this a good deal?

methadone