Legal Question in Real Estate Law in Georgia

Does the written contract overule the verbal agreement?

My friend lent money to me (which he took from the equity on his house) to purchase a house in February 2007. A contract was written up stating that I am supposed to pay my friend back by May 1, 2007 or the property would become his if I was delinquent on the payment. But my friend decided that he wanted a piece of the property so we came to the agreement that we would fix up the house and sell it and share the proceeds equally (50/50). I was also supposed to make the monthly payments on the funds that he had withdrawn from his equity. I did that constantly for the last 3 months. This was a verbal agreement made in the presence of 3 witnesses. Because we're supposed to be partners I have also loaned him $1500 twice to assist with paying his bills while he worked with me to repair the house. He told me to forget about getting the money that I owed him since he would get it when we sold the house. However, on May 1, the date stated on the first written contract, without my knowledge, he contacted the lawyers and informed them that I had not given him the money by the date stated in the written contract. They mailed a notice to me stating that I should sign the property over to him since I was in breach of the written contract.

2 Answers from Attorneys

Related Questions & Answers

More Real Estate and Real Property questions and answers in Georgia

Looking for something else?