Legal Question in Real Estate Law in Wisconsin
verbal land lease with option to buy
accepted 15k down payment with 10k buy out..he has since passed away...how do i enforce living relitives to honor agreement or vacate?
Asked on 9/02/08, 10:04 pm
1 Answer from Attorneys
JAY Nixon
nixon law offices
Verbal Land Lease with Option to Buy, Seller Now Deceased
As the old saying goes, a verbal contract is "hardly worth the paper it's written on." This holds doubly true with real estate where it not only needs to be in writing, but notarized and recorded with a full legal description. You therefore need to discuss this with an experience real estate attoreny as soon as possible. There may be certain circumstances where you may have certain equitable rights without a contract, such as if you lived on the property in question.
Answered on 9/03/08, 9:23 am