Legal Question in Real Estate Law in Florida
I own a house with someone. He agreed to buy me out and we agreed on 52,000.00 for my half. He drew up the contract and we both signed it. Recently this person got into legal trouble and so he is having to pay an attorney for this. Because of this, he wants to pay me this 52,000 in a 5 yr.period, pay me 3% interest only each mo., & reamortize the loan as it's pd down. Hec also threatened that if I didn't like it, he would move out and file chapter 64. My question is-If I don't want to give him 5 yrs. to pay me off, If he files chapter 64-can he be legally bound to pay me 52,000.00 regardless of what we get for the house in a chapter 64 situation. And if so, how long might I have to wait for this $ he agreed to give me. He is living at this house by himself-not paying me a dime.
2 Answers from Attorneys
There is no chapter 64.
3% is a ridiculous rate.
Your rights really depends on what the contract says.
What is Chapter 64? Look to your contract and consult an attorney about going after him for breach of contract. You may be able to work out another more favorable arrangement to avoid filing a lawsuit. 3% interest is very low and this arrangement would only favor him. Do not sign another agreement with this person unless you have an attorney review or draft it to make sure you are well protected. I would be happy to help. Regards,
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
