- 2 - petitioners' entry into a contract for deed of real property with a charitable organization in 1994 constituted, in part, a completed gift. We hold that it did. The stipulation of facts and attached exhibits are incorporated herein. The stipulated facts are hereby found. Background When the petition was filed, petitioners resided in Abilene, Texas. Petitioners owned a property located at 3001 North 3d Street, Abilene, Texas (the property). On November 30, 1994, petitioners signed a contract for sale of the property (contract for deed) with the Word of Emmanuel Church (the Church). Petitioners agreed to sell and the Church agreed to purchase the property for $152,500, to be paid in monthly installments of $1,400 each, beginning on January 1, 1995. When the contract for deed was signed, the property was valued at $450,000. The value of the property is not an issue. Under the contract for deed,2 petitioners retained legal 2In Graves v. Diehl, 958 S.W.2d 468, 470-471 (Tex App. 1997), a contract for deed was described as: an agreement by a seller to deliver a deed to property once certain conditions have been met. BLACK'S LAW DICTIONARY 325 (6th ed. 1990). These contracts, also referred to as “land sale contracts” or “contracts of sale” typically provide that upon making of a down payment, the buyer is entitled to immediate possession of the property; however, [legal] title remains in the seller until the purchase price is paid in full. * * *Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
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