Legal Question in Real Estate Law in Florida

If I had an oral agreement with another person, let�s call him Joe, to buy a house, remodel, and then sell it. Joe would purchase and pay for 100% of remodel, I would perform the construction and labor. Upon selling, we would split the profit 50/50. The house was on the market for 7 months, and Joe got restless and decided to sell the home on contract, while collecting 6% interest. I only agreed to the terms that I would accept the contract sell if I received 50% of the profit. I was also told the purchasers would get a loan and buy the house outright within 6 months time. It has now been 40 months, and I have only received what roughly comes to $117 a month, while Joe is collecting $700 a month, including 100% of the interest. Do I have a case to take Joe to court for half of the interest they have earned off the home, which comes to roughly $20,000 so far, plus future interest? Joe basically took what the house sold for minus what he had invested, divided it by two and that was my portion, which would be correct if we sold the house outright. I have not signed anything to accept this at any point.

Asked on 9/27/14, 5:55 pm

Barry Stein De Cardenas, Freixas, Stein & Zachary

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Seek some legal advice. You have significant legal limitations to the enforcement of an oral contract involving real property.

Answered on 9/28/14, 6:16 am

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