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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 101019
Experience:  Lawyer
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The loan that I ended up loaning my nephew actually ended up

Customer Question

The loan that I ended up loaning my nephew actually ended up being 14,400.00. In total, including the down payment for the house, I am out of pocket 48,929.56 which includes the 14,400 loan. My nephew now thinks he does not have to repay the loan. I would like to sell the house at this point, and get at least most of the down payment back if possible. I have records showing he received the 14,4000. But no promisary note unfortunately. If the house is sold for more than what we paid for we each get our down payment back and then slit the remaining profit? He does not want to sell, so will have to force a sale most likely. what do you think is the best way to go about this? he will not meet to discuss this, as he knows I want him to start repaying the loan
Submitted: 2 years ago.
Category: Canada Law
Expert:  Debra replied 2 years ago.

Why does he think he does not have to repay you?

Customer: replied 2 years ago.
He just does not want and feels he doesn't need to, or he doesn't have the money even though he and his girlfriend are both working
Customer: replied 2 years ago.
Have no idea. What should I do now, and what can I expect for a n outcome?
Customer: replied 2 years ago.
Relist: Other.
He did not answer the question at all..just asked me a question that is irrelevant. Ridiculous!
Customer: replied 2 years ago.
Relist: Incomplete answer.
Expert:  Debra replied 2 years ago.

You can get an order for the sale of the house and at the same time seek an order giving you more of the proceeds than 50% based on what he owes you.

He has to repay the loan as it was not a gift.

If you paid more by way of down payment then you can argue that you would get a larger percentage of the profit. You should each share in it in proportion to your respective contributions.

So for example, if you paid twice as much as he did then you should get 2/3s of the profit and he should get 1/3.