50:50 Verbal Agreement

[Gman4554]

What is the name of your state (only U.S. law)? Delaware
This is a Delaware legal issue: I bought a home with a partner with a verbal agrrement only. We agreed to split all expenses including mortgae 50:50. We also agreed that either one could sell out at any time and split all procedures and any profit 50:50. I now want to sell and he doesn't. He will only sell and sign if he gets his money back and he doesn't care what I get back. In other words, if we sell the home for $500,000 and we still owe $200,000, then the difference is $300,000 but he want his $250,000 and I get $50,000. That is not 50:50. If not he will not sign to sell the house. Will a judge make him sell at 50:50 and at what price will the judge set for the selling price of the house. Can he stall and say that the selling price is not high enough for him

 

[seniorjudge]

There is no such thing as verbal agreements with real estate.

Whose name is on the deed?

 

[Indiana Filer]

What is the name of your state (only U.S. law)? Delaware
This is a Delaware legal issue: I bought a home with a partner with a verbal agrrement only. We agreed to split all expenses including mortgae 50:50. We also agreed that either one could sell out at any time and split all procedures and any profit 50:50. I now want to sell and he doesn't. He will only sell and sign if he gets his money back and he doesn't care what I get back. In other words, if we sell the home for $500,000 and we still owe $200,000, then the difference is $300,000 but he want his $250,000 and I get $50,000. That is not 50:50. If not he will not sign to sell the house. Will a judge make him sell at 50:50 and at what price will the judge set for the selling price of the house. Can he stall and say that the selling price is not high enough for him

That doesn't make sense.

Value of house: $500,000
Amount owed: $200,000 has to be paid to the mortgage company

Equity: $300,000 amount you actually own of the house

The equity is what would be split (if you two own the house in a certain way--See Senior Judge's question.). If only one person's name is on the deed, only that person is entitled to the equity.