Legal Question in Credit and Debt Law in Virginia

Verbal Agreement needs to be in writing!!

About 6 months ago, my brother got into a bind and needed $30,000. Since he is family i wanted to help him out. I got my house and land appraised and got him the money with every intention he was to pay it back. I trust my brother but i am still worried about the consequences that my happen i he doesn't pay it back. We have a verbal agreement as of now but i would like to get this agreement in writting. He has agreed to do so. Is there a legal name for this agreement? Should i see a lawyer or can i write this agreement myself and just get it notarized? Any help would be greatly appreciated.


Asked on 7/12/99, 7:50 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Verbal Agreement needs to be in writing!!

Anything is better than nothing. The document would be called a promissory note, and if it says "I, Brother A, promise to pay to the order of Brother B the sum of $30000", that would be valid, and if you had to sue to collect you would have evidence of the loan in writing. But you would be better off having a lawyer draft up a note with better protections, and perhaps secured against assets of his.

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Answered on 7/15/99, 6:24 pm


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