Legal Question in Civil Litigation in New York
Realestate Loan
i lent a friend 2 months mortgage. I tranferred the money from my account to his account. the total comes to approx. 6500.00 dollars. And a third party wrote a check for his down payment. He sold the property but never repaid the money we loaned him. How much time do we have left to still take him to court(if we still could)? Also what are the fees approx. for this service? What are our options?
4 Answers from Attorneys
Re: Realestate Loan
You have time. You would probably need to sue in civil or district court, as the amount in dispute is above the limit of a small claims case.
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Re: Realestate Loan
The time factor isn't that important, it would seem to be a verbal contract for repayment which generally gives you six (6) years. However, if you know that he is now solvent you probably want to act asap. The fees incurred based on the amount your attempting to recover would be fairly minimal. This area of law does happen to be one of our specialties, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.
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Re: Realestate Loan
This question hits upon several legal questions.
1. While a promise to pay money over 500 dollars must be made in writing, the check you mention may satisfy that requirement and enable you to seek recovery in a legal action.
2. The statute of limitations is 6 years. If he has sold the property, then that means this is not a new loan. It would be 'collectable' six years from the date on which the check was cashed.
3. The proper court is 'NY Civil Court' in your zip code. That covers claims from 5,001 to 25,000 dollars.
4. You are entitled to 9% interst annually (3/4 of a % each month).
5. Your ex-friend does not sound good with money. His profits from the sale of the property might not last long.
You are welcome to a consultation for no fee.
Re: Realestate Loan
The Statute of limitations on contracts is six years. Is there any writing other then the check or bank transaction? The time and duration of the litigation is effected by this, and thus the fees.
You can bring a suit yourself in small claims provided you have a writing.
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