Just a quick comment, if there was nothing in writing he is 99.9% out of luck. And in the few cases I’m aware of where some form of verbal contract to sell real estate was upheld up by a court, the person had to perform the acts required by the verbal contract and in your case he didn’t assume the existing loan so he hasn’t even started to comply.
Your attorney will probably agree you made a verbal offer and he didn’t accept it, and offers can be withdrawn before acceptance so it appears he can’t even use the potential loophole, it appears he was a tenant and can be given notice like any other tenant, keep us posted, we are always curious.
Posted by Aunt Leslie on August 02, 2006 at 07:58:02:
Ten years ago I offered my nephew opportunity to assume my existing loan–no monies to pass hands and nothing signed–he did not do this–he lived there 5 of last 10 years–I am selling property–offered him his out of pocket expenses on the property as well as 10% handling fee for the time he did not live there but rented the home. He wants 50% of profit. It is costing me more to bring the home to a condition to sell them he spent out of pocket in 10 years–My offer fair?
Can’t believe in a couple of weeks no one would post and tell you have been more then generous. If it were one of my nephews I would have told the greedy little SOB I’ve tried to be nice, but you have just turned into a ******** and now I’m rescinding any and all offers and your status is the same as any other tenant, and I’m selling the property.
The charming nephew is taking me to court for “sweat equity” on the property. He is going for a lien on the property for 50% of profit–if he should win, after expense of bring house up to par and normal capital gains and etc. he would fair better then I–who would believe
Did you make some sort of written or verbal contract in which he could provide sweat equity in exchange for equity or is that something he came up with on his own?
He is going to court, well now is the time to consult an attorney and make a preemptive strike and separate him from the property for once and all time. Unless there is something your neglecting to tell us his claim seems like an empty threat.
There was nothing written–only the verbal that he was to assume the existing loan which he did not follow through on–I will keep you posted. Thanks for your input