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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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My friend, the homeowner prior to the home purchased, he agrees to give me a % of the home

Customer Question

My friend, the homeowner prior to the home purchased, he agrees to give me a % of the home equity at the appraised value (5 years from the date of my moving in-date). I have lived and paid a specified amount of rent (towards the mortgage payment) as we have agreed on and written on the notarized letter. My name is ***** ***** the mortgage loan. All we have is a notarized letter with both of our signatures. Can this notarized letter hold him responsible to give me the agreed % of the home equity after I lived/paid 5 years of rent money to him?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will do my best to help.. If you have a signed notarized agreement with the owner of the property to sell you a certain percentage of the home after 5 years if you comply with the payments, then this would be a binding contract that you could enforce in court if he tried to back out and you have complied with the contract. He could execute a deed from him back to you and him with the specified percentage ownership that he owns along with the percentage that you own so that would make you a legal owner of some percentage of the property. ThanksBarrister