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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. * * *
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