My ex-husband is buying me out of the home and vehicles that we currently co-own. He had agreed to pay me a lump sum contingent on the approval of a home loan. He got approved for the loan. His lawyer drew up the paperwork, I signed and notarized it signing over the deed to the house. Now that he is approved for the loan (just because the bank appraisal came in a little lower than expected, but it usually does), my ex has decided he doesn’t want to pay me the money we agreed on based on the appraisal ( he wants to pay me much less). He is borrowing 129K. The appraisal came in at 190K. I am not going to agree to this. Can he change the original agreement after I have already signed the deed over to him and signed the titles to the vehicles as well?. His lawyer is holding everything in escrow until he pays me. Is this ethical?
Based on the information you provided, you will need to review the original terms of your agreement to make sure that there is nothing therein that modifies the amount of money you are to receive based on the approval of the home loan. If the agreement states that you are to receive a sum relevant to the 190k appraisal, then he cannot change this term (if there is no other language to the contrary) now that the home has appraised at a lower amount. You can hold him to the original terms of the agreement and seek legal recourse if he does not comply.