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TexLaw
TexLaw, Attorney
Category: Legal
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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In 2009 I went thru a bankruptcy. I owned commercial property

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In 2009 I went thru a bankruptcy. I owned commercial property and was current with the payments, but due to the BR, my bank was forced to foreclose due to a second lein holder. I verbally worked out an agreement with my brother to purchase the property at the auction. Our agreement was, that once i was back on my feet i would purchase the property back from him at what he paid. The balance of the note was $400,000 (these are best estimates). Or if he had the opportunity to sell the property we would split the equity. He collected rent for approximately 2 years at $5500 with a note payment of $3500. My brother sold the property for $820,000 +/- at the end of 2011. He sent me a check for $9,000 and refuses to speak to me or address our verbal aggreement. Do i have a legitimate case?
Hi,

Thank you for your question.

Verbal agreements concerning the sale of land are rarely enforceable. Here, there are two problems with that prevent its enforcement.

The first is that there does not seem to be any "consideration" in the agreement. In other words, your promise to purchase the property from your brother in the future for a set price is not binding on your brother. This is because the consideration for him purchasing the property was actually the fact that he received an asset out of the deal.

The second problem is that a contract which takes more than a year to perform and involves the purchase of real estate must be in writing under the Statute of Frauds in every state.

Accordingly, I would respectfully XXXXX XXXXX you do not have a very strong case under these facts.

Please let me know if you have any further questions. Please also kindly consider rating my answer positively so that I am compensated by the website for my work on your question. Rating positively does not cause an additional charge and does not prevent us from further discussing your questions.

Best Regards,
ZDN
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