Lee v. Bass, 215 S.W.3d 283 (2007)

Citation: Lee v. Bass, 215 S.W.3d 283 (2007)
Parent Document: Lee v. Bass, 215 S.W.3d 283 (2007)
Jurisdiction: Missouri (state)
Effective Date: 2007-02-20
Original Source: https://www.courtlistener.com/opinion/1615659/lee-v-bass/ ↗

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time. It is not a mere coincidence that the “downpayment” amount to be paid with the exercise of the option was the amount to compensate the Basses for their equity, with Rex Lee assuming responsibility for all liabilities and all other expenses related to the property. We also are entitled to consider the fact that the Basses had been attempting to sell the property for six months or so without success. Rex Lee at that time did not own a house, having recently gone through a divorce, and wanted to buy the Basses’ house. The parties reached an agreement on Rex Lee paying $18,000 and assuming the mortgage. Rex Lee had the cash. There was no apparent reason for him to wait until later in the one-year period to exercise his option. It had been only because of the due-on-sale clause in the mortgage (which was discovered when Susan Bass called the mortgage company about the proposed transaction) that the parties restructured the transaction. The real intent of the parties is revealed in the documents, the payment of the $13,000, and the parties’ actions as between themselves thereafter.

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