Legal Question in Real Estate Law in Indiana

Is this contract binding?
My husband purchased property 11 years ago with help from his mother. She loaned him $40,000. my husband and i built a house on the property 6 yrs ago,at that time she told him he did not have to repay her because she purchased a house for his sister. The problem: my mother-in-law now us. spring '03 we decided to re-finance our house in both of our names, but we couldn't because his mothers name was on the property deed-my husband did not want her on it. She told my husband that she'd sign a quit-deed only if we signed a 15 yr contract stating to repay her the $40,000. My husband and I unwillingly signed the contract but the attorney was not present to explain the details, only his secretary was there. i don't feel that i should have to repay this loan because i was not around when my husband purchase this property nor was i part of any original deal. i feel that my mother-in-law blackmailed us into signing this contract she knew that we were in a hurry to close on our re-finacing and she held us up by creating this contract. she told my husband it was for his own good because if i divorced him she would get the money instead of me. How binding is this 15 year contract? i really feel that i was forced into signing it.

Asked on 11/02/03, 1:31 am

C. David DuMond Law Offices of David DuMond

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Re: Is this contract binding?

From the information provided, sounds like the written agreement you signed is probably fully enforceable.

Answered on 11/02/03, 5:27 pm

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