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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55444
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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We purchased a piece of property with another party. the

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we purchased a piece of property with another party. the other party's name did not appear anywhere on the purchase or loan. the other party was the person who came up with the idea and purchase plan. the other party insisted we turn down an offer shortly after the land was purchased. within 6 months the other party stopped contributing any money to help with the payments, no communication, just quit paying. we have now made the payments for the last 3 years at quite a hardship on us. now the land is possibly sold. i say we have no legal obligation to split any profits with the other party. however i feel we have a moral obligation to return the other party's contribution as a loan repayment plus minimal interest. am i legally correct?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Hi Emily. My name is ***** ***** I will be helping you today! It will take me just a few minutes to type a response to your question. Thanks for your patience!

Expert:  Richard replied 1 year ago.

Under the statute of frauds, any agreement regarding the ownership or transfer of real estate is required to be in writing. Since the other party is not on the deed or the loan, the other party has no legal interest in the title. And, since there is no written agreement between the two of you, the other party is not going to be able to prevail in any claim to ownership. But, since you can never prevent someone from filing a suit against you, I would not: i) offer the other party anything until the transaction has closed so the other party doesn't think they have an interest and tries to muck up your sale; or ii) after the sale, offer any amounts of money unless the other party is willing to sign an agreement that they agree that this is in full satisfaction of any claims they may think they have.

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