Broken Verbal agreement

[Burntinfl]

Florida

My situation is this, I was in a verbal agreement with a silent partner(their choice) with an investment property. We have been trying to sell this property on and off for over a year. The market in this area has taken a huge dive and it has proven very difficult to sell. To make matters worse our tenants informed us they were leaving. Upon hearing this news my partner pulled out stating there was no money for their half of the mortgage payments and would be forfeiting their investment???? The property was in my name! I was forced to cash in my IRA to cover the cost of the property.
I received a very low offer on the home. I accepted to avoid a possible foreclosure. Here we are now with a contract on the property and the "partner" sends me some ridiculous letter stating they want all types of records, invoices etc...they are to be privy of all decisions etc. We have had the property for almost three years and this individual has had nothing to do with the property in this manner. I am so confused as to my rights in this matter!
I was put in a very bad position by this individual. If I have to split the earnings I am in the red. I would never have sold the property for what I did had I had financial backing from the other investor! I need advice please!

[FlyingRon]

A verbal agreement (and I'm not even clear what the agreement is based on your description) isn't enforceable for real estate (Statute of Frauds).

But I'm confused, if the property is in your name alone, you need no permission from this silent partner to dispose of it.

[HomeGuru]

Originally Posted by Burntinfl

Florida

My situation is this, I was in a verbal agreement with a silent partner(their choice) with an investment property. We have been trying to sell this property on and off for over a year. The market in this area has taken a huge dive and it has proven very difficult to sell. To make matters worse our tenants informed us they were leaving. Upon hearing this news my partner pulled out stating there was no money for their half of the mortgage payments and would be forfeiting their investment???? The property was in my name! I was forced to cash in my IRA to cover the cost of the property.
I received a very low offer on the home. I accepted to avoid a possible foreclosure. Here we are now with a contract on the property and the "partner" sends me some ridiculous letter stating they want all types of records, invoices etc...they are to be privy of all decisions etc. We have had the property for almost three years and this individual has had nothing to do with the property in this manner. I am so confused as to my rights in this matter!
I was put in a very bad position by this individual. If I have to split the earnings I am in the red. I would never have sold the property for what I did had I had financial backing from the other investor! I need advice please!

**A: who has title to the property?