Real Estate Law
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Is this related to a divorce or a relationship split?
Or some type of legal partnership or business venture?
Is there any type of agreement that both parties will share the costs of any upgrades?
Ok, if there was a verbal agreement that the parties would split the cost of any improvements, then if only one person paid for them, then they should be reimbursed off the top for those costs and then any other joint debt would be paid off and then finally any surplus would be split evenly. (Assuming that it was a 50/50 ownership )
If this gets in front of a judge, that is exactly how he would rule, considering that there is written evidence concerning the agreement to pay for upgrades equally.
Yes, exactly. Even if there was not a written contract on paper, a verbal contract is legally binding if the parties act on it. And the written texts just help to further strengthen the existence of the contract..
You could refuse to go forward, but you would legally be in breach of contract and the buyer could sue you for "specific performance" which is where a judge orders the transaction to proceed under threat of contempt of court and jail.
Any division of the money doesn't really have anything to do with the buyer. That is between you and your partner.
Now would the buyer sue you if you backed out?.... pretty unlikely because that would tie up things for a year before it got to court and cost thousands of dollars. But it is legally possible.
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