Me and my ex went through the courts and our final court order states (this was based on the draft Consent Order) that FMH be sold in the open market for reasonable price and after making the mortgage payment and due expenses, all proceeds go to my ex wife. FMH is currently in my sole name, she is liable and makes the mortgage payments until it is sold. She lives in FMH along with the children.
Subsequent to the court hearing, FMH was put for sale in the open market. 2 months ago, she suggested that she actually wants to buy FMH for herself. This was a fantastic idea and I support it.
Now she is ready to proceed with this. However I have a question and need advise:
1. Since court order says that it be sold in the market but that is not what we are doing. I am selling it to her directly. Are we breaching the court order ? Can there be any repercussions against us. Also, should be mindful of something that I cannot think as of now ?
2. Should we be going tack to the court to vary the order ? How long does it takes ? If someone can point me to correct form Etc and the process to vary the order. That will be helpful.
3. If anyone knows, if we go ahead, will this be sale of the property or will this be a transfer ?