Delay in Refinancing House
Divorce is final, ex and I agreed in stipulated judgment that I would refinance the house to buy him out. The money I'll be giving him is an equalization of the community property. He is supposed to receive this cash within 45 days from the Judge's signing the final judgment. The 45 day deadline is coming up very soon. I was just informed by the escrow company that there is a problem with the title and clearing this problem up will take up to an additional 2 weeks then I'll have a clear title and can proceed with the refinance. My ex is a very vindictive, vengeful person. Can his attorney go after me and throw out the judgment, or do anything else, because the refi will take slightly longer than 45 days? Escrow is out of my control. Please advise. Thanks
1 Answer from Attorneys
Re: Delay in Refinancing House
I don't think a short delay that is not your fault is going to enable your ex-husband to set aside the Judgment/MSA. By the time he gets to the hearing should he file a motion, he will have been paid. I would think that he would be entitled to interest. If there is no mention of it in the agreement then 10% simple interest is the legal rate I believe. Your escrow agent can calculate it to the penny. I would immediately notify ex of the delay and refer him to the agent if he has any questions. I sounds as if he would have run into the same title glitch if he had instead agread to sell the property and divide the proceeds. You may want to ask a realtor what happens when this sort of problem arrises in a transaction between strangers (as opposed to your worst enemy).