Legal Question in Real Estate Law in Nevada
Verbal Agreement regarding Real Estate
Is a verbal agreement binding between two people regarding real estate? The first party resides at the property, his name is on the deed and mortgage. The second party provided $600 a month of the $1200 house payment over an 18 month period. The first party believed this to be a loan. The second party believed this was not a loan but a partnership, investment. The first party is now selling the property and the second party believes he is entitled to 50% of the equity. Keep in mind the two parties are not acquaintances, but father and son.
Regards
3 Answers from Attorneys
Re: Verbal Agreement regarding Real Estate
Real estate agreements usually need to be in writing to be enforceable, but oral partnership agreements are usually enforceable, even if the partnership deals with real estate holdings. If party 2 could prove the existence of the agreement, he would likely be entitled to a share of the equity.
Re: Verbal Agreement regarding Real Estate
Contracts to sell real estate must be in writing, but a contract to divide profits from an investment in real property does not need to be in writing. If the agreement can be proven it is enforceable. The problem will be in proving the oral agreement.
Re: Verbal Agreement regarding Real Estate
Real estate transactions must be in writing according to the statute of frauds.
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