Legal Question in Real Estate Law in Indiana

Re: Gentlemen's agreement

Was this Gentlemen's Agreement by any chance in writing? If so, then the terms of the written agreement will control the process. If an essential term, like a deadline for purchase, is missing, then the courts will enforce a reasonable deadline. Fourteen years sounds like a long time, so it wouldn't surprise me if the courts thought a two week deadline after fourteen years was more than fair. Our English ancestors would say you have been sitting on your hands for fourteen years. What else might they say? And what might your realtor friend say? I suggest you immediately contact a mortgage lender, apply for financing, then speak to your broker friend and apologize for muddling around so long, show him your efforts at financing, and ask for enough time for financing to close. Forget about waiting until July or August. If you are unable to promptly close the transaction, your broker friend will probably succeed on an eviction. But he will have to give you more than two weeks notice (unless that is all the time called for in the Gentlemen's Agreement or unless you are already behind on the rent or otherwise in default.) If you can prove that you have added substantial value to the property, by adding an addition for exampble, then you may be entitled to a cash reward on an unjust enrichment theory. In any case, if you are unable to immediately resolve this problem with your broker friend, then you should contact a local attorney experienced in real estate law. Take all your papers and tell her your story. Good luck.