Posted on: 12th Oct, 2008 02:45 pm
I purchased a condo with a friend over 19 years. He quit claim the property to me two years after the purchase I refinanced the property under my name. We have a mutual / gentleman's agreement between us that when I retire I would pay him half of what the condo is worth at the time I retire. I friend got sick with cancer and died last year. All his other property went into probate. His family have an attorney, they demand that they half 50 % interest of the property and demand I sell it and give them half. Do they have a legal stand on this???
Hi Luis!
Welcome to Forums!
Do you or your deceased friend had a copy of the mutual/gentleman's agreement? If yes, then the attorney as well as your friend's family can ask you to give them the half of the property. If there is no written agreement then I don't think they will have a legal stand.
Feel free to ask if you have further queries.
Sussane
Welcome to Forums!
Do you or your deceased friend had a copy of the mutual/gentleman's agreement? If yes, then the attorney as well as your friend's family can ask you to give them the half of the property. If there is no written agreement then I don't think they will have a legal stand.
Feel free to ask if you have further queries.
Sussane
No, a contract involving real estate must be in writing to be enforceable. Since there is no writing, they have no legal standing.
Even if they could, the contract is executory, ie it doesn't take effect until you retire, which hasn't happened yet.
Even if they could, the contract is executory, ie it doesn't take effect until you retire, which hasn't happened yet.
