Ownership question

[quincy]

In your personal opinion it wasn't. I don't happen to agree with you. As I said above, families often have handshake agreements, even with real estate, and many, maybe even most of them honor those handshake agreements.

When it comes to real estate sales, "handshake agreements" are not legally binding.

 

[Death-b4-Taxes]

When it comes to real estate sales, "handshake agreements" are not legally binding.

Agree 99.9% maybe not in Florida. [link removed]
Of course some very critical factors to winning that case, one was lots of deposed witnesses. It was overturned on appeal.

Mod delete if you want. Information is more about handshake deals in general. And not 100% applicable to the original question.

 

[quincy]

Agree 99.9% maybe not in Florida.
[Commercial link removed]
Of course some very critical factors to winning that case, one was lots of deposed witnesses. Yet precedent does now exist in Florida. Not relevant to Nevada though.

Interesting.

Do you have anything of relevance to the poster's state of Nevada or to this thread?

 

[Death-b4-Taxes]

Interesting.

Do you have anything of relevance to the poster's state of Nevada or to this thread?

Yes, like I posted before get it in writing. I think that is the consensus.

 

[quincy]

Yes, like I posted before get it in writing. I think that is the consensus.

Your previous post was reported for moderator review, by the way. You included a commercial link.

You should provide a link to a case rather than linking to an attorney website that discusses a case.

 

[Death-b4-Taxes]

Your previous post was reported for moderator review, by the way. You included a commercial link.

You should provide a link to a case rather than linking to an attorney website that discusses a case.

Sure no problem. Maybe the one I clanged it to is better. It is the appeal where it was overturned but the dissenting opinion may end up relevant to handshake deals.

 

[quincy]

Sure no problem. Maybe the one I clanged it to is better.

Your post is currently invisible to readers so I don't know if your new link is better or not. If it is a link to the case, it should be okay.

If the "handshake agreement" decision was overturned on appeal, however, I am not sure the decision even has relevance for real estate sales in Florida.

 

[not2cleverRed]

Your post is currently invisible to readers so I don't know if your new link is better or not. If it is a link to the case, it should be okay.

If the "handshake agreement" decision was overturned on appeal, however, I am not sure the decision even has relevance for real estate sales in Florida.

Well, it'd be relevant for someone trying to get out of a "handshake agreement"...

 

[quincy]

Haha. True.

I probably should direct Death-b4-Taxes to the "statute of frauds." I assumed that, since he said (in a private message) that he only had "two semesters of law school left," he would have run across it already.

 

[LdiJ]

Well, it'd be relevant for someone trying to get out of a "handshake agreement"...

Of course it would be relevant. However, it does not appear that the aunt is trying to claim ownership of the house herself (even though technically she is the owner), she just wants off the mortgage.

 

[quincy]

Of course it would be relevant. However, it does not appear that the aunt is trying to claim ownership of the house herself (even though technically she is the owner), she just wants off the mortgage.

There needs to be a written purchase agreement, then, if she wants to sell the house.

 

[Death-b4-Taxes]

Haha. True.

I probably should direct Death-b4-Taxes to the "statute of frauds." I assumed that, since he said (in a private message) that he only had "two semesters of law school left," he would have run across it already.

So posting PM's is standard and allowed here? Interesting.

 

[LdiJ]

There needs to be a written purchase agreement, then, if she wants to sell the house.

Yes, when the time comes, a purchase agreement will be needed. That is a given. However the disagreement between me and Zig was that Zig was characterizing the amount of money already paid by the OP as rent, and characterizing the equity in the home as a gift to the OP, requiring the aunt to file a gift tax return. I said that the money the OP already paid could clearly be treated as a down payment, eliminating the need for a gift tax return and letter.

Once again, there is no law against the aunt treating the monies paid as a down payment...and every reason why she should.