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  1. #1
    Join Date
    Nov 2010
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    13

    Default Proceeds of a Sale

    My question involves

    real estate located in the State of: florida



    Can the proceeds of a sale be transferred from one bank account to another by the seller's lawyer or realtor or does a cheque have to be issued from the trust account?

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Proceeds of a Sale

    that is a pretty unclear question. Can you explain the problem? Whose accounts are you asking about and where does this trust come into play?

  3. #3
    Join Date
    Nov 2010
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    13

    Default Re: Proceeds of a Sale

    Sorry, I will try and clarify.
    A house was sold on April 7th. I am trying to find out where the proceeds were deposited. A credit memo shows up on April 9th with the amount of the proceeds less 15 dollars, in the sellers bank account. This credit memo indicates to me that the proceeds were transferred as it was not described in the passbook as a deposit but a credit note.
    I want to know if the seller actually received a cheque deposited it into one of her accounts and had the monies transferred via a bank transfer or is it possible her lawyer or realtor who received the money from the purchaser could just transfer the money to the seller via a bank--without writing a cheque.

  4. #4
    Join Date
    Sep 2010
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    19,674

    Default Re: Proceeds of a Sale

    Who are you in this transaction and why do you care?
    Certainly they could write a check from the trust account.
    They could also wire transfer it.
    I've had closings go both ways.
    It would be unusual for the realtor (except for their commission) or the lawyer (unless the lawyer was handling the closing) to handle the money at all. Usually, whatever entity is handling the closing (title office, escrow company, lawyer) receives all the moneys into a trust account and pays them directly to all the parties due things.

  5. #5
    Join Date
    Nov 2010
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    13

    Default Re: Proceeds of a Sale

    This is beyond complicated. I am the x-wife in this senerio.
    I was witness to my x-husband given signature on a bank account in Florida about 6 years ago, joint with his mother. When we seperated and my lawyer was seeking disclosure, nothing was mentioned about this bank account. My x told me that they have closed everything ( a bank account in Florida and an account in Belgium).
    My x was a remainderman on a house in Florida that his mother owned. The house was sold 3 weeks before we seperated. When asked if he has disposed of any property in the last 3 years he denied he did. I hired a private detective and we did receive documentation (quitclaim deed) that he reliquished his remainderman ownership 3 days before the house was sold. So now we have grounds to find out where the proceeds of this house went. After putting us off for almost 2 years, including my x--changing lawyers, (his laywer fired him), we receive a photocopy of a passbook that shows a credit memo dated April 9, for 230,718., credited to a Canadian bank in American funds that is owned by my x-mother-in -law. My x's lawyer states in her letter, this is where the funds were deposited from the net proceeds of sale.
    In fact that is not where the funds were deposited, a credit memo is not a deposit, it is a credit and it clearly came from somewhere in Florida, and I am hoping is it the closed account of my x and his mother.
    Hence the question--could the lawyer have transferred this money--the original 230,733 ( as stated in the settlement statement) less bank charge of 15 dollars to transfer the funds. If so, I will not prove that account existed.
    The settlement statement says the proceeds of sale were 230,733 on April 7., so there is a two day delay and a 15 charge somewhere. I want to know where.
    My other post re citizenship, is because my x mother in law--swore an affidavit she is an american citizen (I believe to avoid with holding tax for a foreign citizen), and then in another lawyers letter it states she gave her son remainderman interest as to avoid probate upon her death because she is a canadian citizen. The question was asked because I wanted to know if there were any other implications for her doing this. I believe the sworn affidavit is a lie.
    This is what happens when you are divorcing a sociopath, lies upon lies, upon cover ups, and then some manipulation.
    Thanks for any input or guidance.

  6. #6
    Join Date
    Jan 2006
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    38,867

    Default Re: Proceeds of a Sale

    still not real sure what you are chasing. If you have proof he divested himself of the house, what difference does it make where the money went. The value is likely not able to be determined by the money he received anyway as it would appear he dumped it. The value for purposes of a division of assets in a divorce would be the appraised value at the time of the sale.

  7. #7
    Join Date
    Nov 2010
    Posts
    13

    Default Re: Proceeds of a Sale

    What about the bank accounts involved that he had joint ownership of???? and chose to close once we seperated?
    Is clearly an asset? The house value is not what I seek--it is the tool I am using to get to what I should have my interest of---bank accounts.
    And if there is nothing to hide--why the charade? Why not show me that the house was sold for 230,733 as per settlement agreement, and show me exactly where that deposit was made on April 7th?
    Why hide the source of where the funds were deposited?
    Instead I was given the information of a credit memo arriving in a bank account in another country 2 days later??? Who sent this money, and who charged 15 dollars for the transfer? Whats the big secret if his mother in fact owns everything--I then would have no entitlement to anything anyways.

  8. #8
    Join Date
    Sep 2005
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    98,846

    Default Re: Proceeds of a Sale

    Where did the divorce occur?

    It's quite possible that mom decided that she didn't want to live in the home any more and your ex- was simply facilitating her move. It's not unusual for people who convey a child a remainder interest in their home to later regret that decision, having effectively locked themselves into a home they may no longer want or need. The fact that the proceeds from the sale of the home went to your former mother-in-law suggests that neither of them considered the remainder interest to make the home "his property" as opposed to being a clumsy estate planning tool - and your lawyer appears to concur.

    Also, in most U.S. states a gift from a parent, particularly a gift that amounts to an early inheritance, would be deemed separate property.

  9. #9
    Join Date
    Jan 2006
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    38,867

    Default Re: Proceeds of a Sale

    If he dumped it, he may have accepted well below market value. That doesn't mean you are not entitled to your share of the actual value. So, the selling price may not be an accurate reflection of the value of the interest sold. You would still be entitled to your share of the actual value, not the selling price, if they are different.

    as to joint bank accounts; You know there were accounts. Those records should be available via subpoena. He could then be required to show where the money went. It doesn't get to just disappear and forgotten.



    and if your ex was only remainderman and the mother sold her interest in the house as well as your ex's selling his interest to come up to the $230k, you would have to subtract the value of the mothers remaining life estate from that to determine how much was your husbands. You would have no claim to any of the value attributable to the mothers life estate.

  10. #10
    Join Date
    Nov 2010
    Posts
    13

    Default Re: Proceeds of a Sale

    The proceeds of the house---if they were deposited into my x motherinlaws account- in Florida--was joint with my x husband. It is not the value of the house that concerns me--it is the value of the bank accounts closed upon our seperation which held his signature as co--owner.
    The house proceeds are the tool I am using to track down what he is hiding.
    If there was truly no joint account owned by him why not just disclose where the proceeds of the sale of the house were deposited in Florida, before they were ultimately transferred to Canada? If indeed my mother in law owned the account in Florida by herself--I have absolutly no recourse,, so what is the big secret???????
    I am suggesting that division of assets should include the bank accounts he is hiding,in Florida and instead he is showing the proceeds less 15 dollars (transfer costs) as arriving in Canada credited to his mother's account, 2 days after closing.
    My question orginally was could the funds be transferred by someone else other than my mother in law. Once the proceeds were received from the purchaser---could someone else other than the seller( my mother in law) have possession of those funds to transfer?

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