Legal Question in Real Estate Law in Virginia

I informally aggreed to go 50% with a friend on an auction house we flan to flip.

He completed and won the bid for $80K cash and I had promissed to chip in 40K.

He claims only his name can be on the title because it was on the bid. Can I get the title changed to both our names in a Tenants in Common arrangement?

Do I also need some other partnership agreement?


Asked on 3/16/12, 4:57 pm

2 Answers from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

You need to avoid this deal like the plague.

If you don't agree, consult with a local attorney on the matter for

his or her opinion.

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Answered on 3/16/12, 5:12 pm
Michael Hendrickson Law Office Michael E. Hendrickson

Furthermore, the only thing that you're likely to be flippin' out

of this deal is your apparent current status of solvency, i.e., personal finances--UPSIDE DOWN.

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Answered on 3/17/12, 9:21 am


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