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Asked in CA May 21, 2022 ,  0 answers
My brother had made a verbal agreement with his childhood friend to purchase a new home. My brother had put up the initial down-payment by withdrawing funds from his retirements. The verbal agreement was also that his friend was going to stay in the home and pay 50% of the mortgage while my brother paid the other 50%. Its been six years and his friend has not only neglected to pay anything towards the down payment ($10,000) taxes, etc. What legal course of action can we take?
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2 Answers

Anonymous
Reply

Posted on / Feb. 16, 2010 16:25:00

You really don't provide enough information to give a reliable answer. One of the key issues is how title to the property is recorded. Another is who is listed as borrower on the mortgage. Your question is also a little confusing as to the terms of this oral agreement. You said your brother was to make the down payment, but then you say the friend has neglected to pay anything toward the down payment. You also don't mention what arrangements they made regarding who would own the appreciation in the property, if any, who would pay maintenance, taxes and insurance and who did, etc. It is most likely that your brother and his friend have established a real estate investment partnership by their conduct. Without going over all the details of the purchase and what has happened since, however, I cannot tell you exactly what your options are. Unlawful detainer might be one option, partition another, and partnership dissolution a distant third possibility, depending on the details. If you would like to have a free intial consultation to go over this, please feel free to call my office.

Anonymous
Reply

Posted on / Feb. 16, 2010 16:25:00

You really don't provide enough information to give a reliable answer. One of the key issues is how title to the property is recorded. Another is who is listed as borrower on the mortgage. Your question is also a little confusing as to the terms of this oral agreement. You said your brother was to make the down payment, but then you say the friend has neglected to pay anything toward the down payment. You also don't mention what arrangements they made regarding who would own the appreciation in the property, if any, who would pay maintenance, taxes and insurance and who did, etc. It is most likely that your brother and his friend have established a real estate investment partnership by their conduct. Without going over all the details of the purchase and what has happened since, however, I cannot tell you exactly what your options are. Unlawful detainer might be one option, partition another, and partnership dissolution a distant third possibility, depending on the details. If you would like to have a free intial consultation to go over this, please feel free to call my office.

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