happytoupset
Junior Member
What is the name of your state?What is the name of your state? New York.
Investment gone sour...October 7, 2004, an assignor(my cousin) assigned a house to me in full. My monies were laid out for closing and carrying costs. The contractor (my uncle) was to remodel the house with his monies for labor and materials. This was all in an agreement. The agreement called for a six month readiness deadline. The pay out was as follows: After selling, myself and contractor were reimbursed for outlays, the Assignor gets 20% of net profits, and the contractor and myself split the remainder. The contractor did very little work during the six months. I tried helping and communicating with him and assignor with no answers. I emphatically told him I wanted out when I stopped believing his empty promises. He lacked money and I didn't have any more to sink in. Original construction costs were estimated at 50k. As of April 1st(6 months later) I still only had an bare shell of a house, maybe 10k in demo/construction. Frustrated, I put the house on the market, "as is", and now I am in contract.
The problem is He told me he already paid for additional work to be done. (more B.S.?) I told him to stop, but For fear that he would somehow stop or delay the sale, I did not tell him that I'm maybe about 2 weeks from closing. Despite the terrible stress he put me through, I'm still willing to pay everyone as per the original deal. I don't think I should pay for any work after the 6 months. One issue is the original agreement outlined responsiblities, but didn't have any breach or termination clauses. Does he have any legal grounds to stop or delay the sale? What can he sue me for , if anything?
Investment gone sour...October 7, 2004, an assignor(my cousin) assigned a house to me in full. My monies were laid out for closing and carrying costs. The contractor (my uncle) was to remodel the house with his monies for labor and materials. This was all in an agreement. The agreement called for a six month readiness deadline. The pay out was as follows: After selling, myself and contractor were reimbursed for outlays, the Assignor gets 20% of net profits, and the contractor and myself split the remainder. The contractor did very little work during the six months. I tried helping and communicating with him and assignor with no answers. I emphatically told him I wanted out when I stopped believing his empty promises. He lacked money and I didn't have any more to sink in. Original construction costs were estimated at 50k. As of April 1st(6 months later) I still only had an bare shell of a house, maybe 10k in demo/construction. Frustrated, I put the house on the market, "as is", and now I am in contract.
The problem is He told me he already paid for additional work to be done. (more B.S.?) I told him to stop, but For fear that he would somehow stop or delay the sale, I did not tell him that I'm maybe about 2 weeks from closing. Despite the terrible stress he put me through, I'm still willing to pay everyone as per the original deal. I don't think I should pay for any work after the 6 months. One issue is the original agreement outlined responsiblities, but didn't have any breach or termination clauses. Does he have any legal grounds to stop or delay the sale? What can he sue me for , if anything?
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