I helped buy some real estate for 310'000.00 with the promise from a friend that I would be on the deed to then house. 2 years later I found out that he never put my name on the deed to the house because as he says " no home loan agency " would give us the loan because I owned a special needs trust fund. do I have any rights to the house? Or should I ask for my money back that I put forth towards the equity of the house?
2007-02-18 08:18:32 · 7 answers · asked by shadow_20012003 1 in Business & Finance ➔ Renting & Real Estate
Talk to a lawyer, but I think it's pretty simple with real estate. If it's not in writing it doesn't exist. There is no such thing as a verbal contract that involves the purchase of real estate. Always have an attorney, a licensed agent or a Realtor involved in a transaction if your not going to be following it that closely. That way you have somebody you can hold responsible when it all goes south.
2007-02-19 17:34:47 · answer #1 · answered by Spencer B 2 · 0⤊ 0⤋
Attend open houses. Also, pick up the local real estate books that they give out for free. Find a few houses you like and call the listing agent and ask to see the house. That will give you a chance to meet a few local agents and see if there is anyone you mesh well with. We used Remax with our last purchase/and sell. However, I would not base my decision on a specific company name....each realtor is different and unique. Try to stick with a company that has a more well known name (none of those discounted fees places or tiny companies) so you know you are getting the most accurate information possible. If possible, it would be nice if the agent was close to your age, so that they can relate to why you are looking for certain features or locations, and can better foresee other homes that may be perfect for you that maybe you are overlooking as being somewhat unfamiliar with the area. Good luck! Look at several houses before making any offers!
2016-03-29 01:43:34 · answer #2 · answered by Teresa 4 · 0⤊ 0⤋
Just because you are not on the mortgage does not mean that you cannot be put on the deed. Your friend can add you at any time. They own the house not the bank. The bank puts a lien on the property. They just cannot sell the house without paying the mortgage. Personally I would not give you 50% of the house if you did not pay 50% into it. You will have to draw up a contract that would state your share of the property if you are put on the deed.
2007-02-19 07:47:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You have the burden of proof. Always get these types of things in writing and always consult a lawyer. He isn't that good a friend that he would take your money and not keep his promise. He screwed you over. Lesson learned. An expensive one, but a lesson learned.
2007-02-18 08:34:03 · answer #4 · answered by FaerieWhings 7 · 1⤊ 1⤋
you will soon know how much your friendship is worth. Ask for the money back and when you ask see how long till you get paid, i so not think that you get it all at once.
2007-02-18 08:38:30 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Why didn't you have a lawyer assist you in this matter.
Not a smart move on your part.
2007-02-18 09:02:54 · answer #6 · answered by frankie b 5 · 0⤊ 1⤋
YOU NEED A LAWYER ASAP.
DO NOT RELY ON INFORMATION OR ADVISE PEOPLE GIVE YOU
ON THIS SITE.
2007-02-18 09:04:38 · answer #7 · answered by charlotte q 2 · 0⤊ 2⤋