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TJ, Esq.
TJ, Esq., Attorney
Category: Legal
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Experience:  JD, MBA
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From the dumbest guy ever: My business partner and I deeded

Customer Question

From the dumbest guy ever:
My business partner and I deeded 40% of a piece of property we own to a company we owed money to with the verbal understanding that it would be deeded back upon full repayment. Dumb. They won't give it back. No contract of any kind. Any hope?
Submitted: 7 months ago.
Category: Legal
Expert:  TJ, Esq. replied 7 months ago.

Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.

Unfortunately, you do not have a very good chance at all to get the property back if you were to sue in court. In addition to the obvious difficulty of proving the terms of the oral agreement, the fact is real estate transactions must generally be in writing to be enforceable. In other words, even if you could prove the terms of the oral agreement, there is a chance that the judge would rule that he is not able to enforce the agreement. This legal doctrine is called the Statute of Frauds (if you wish to Google it). That said, I can think of a legal theory to get around the Statute of Frauds, and that is the argument that you already performed under the oral agreement, and the other party accepted the benefit of your performance (i.e., the other party accepted the property). I'm not sure if that argument would hold up in this situation since the "benefit" in this situation is the property itself, and you'd be asking for it back. At the very least, you will have an uphill battle in this situation. Of course, I can't say it's impossible for you to win. The judge may believe that such an oral agreement was made, and he may further agree that the oral agreement can be enforced. But the odds appear to be heavily in favor of the other party.

I am truly sorry that my answer is bad news for you, but please understand that it would be unfair to you (and unprofessional of me) to provide you with anything less than an honest response. However, if your concerns were not satisfactorily addressed, then please let me know, and I will be happy to clarify my answer.

Expert:  TJ, Esq. replied 7 months ago.

Hello again. I didn't hear back from you, so I'm just checking in to make sure that you don't need more help on this issue. If not, then please remember to provide a positive rating via the stars (and note that your positive rating is the only way that I'll get credit for helping you, so I greatly appreciate it). Thank you!

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