Broken Contract

[snechman]

What is the name of your state?Texas, I was involved in a real estate deal where myself and a partner were purchasing a property from a builder with a third party buyer. The builder was to pay us a commission outside of closing. The builder was to net $280k. The property appraised at $400k and my partner and I were to pay the third party buyer a $20k fee and guarantee payments on the property until it was sold or leased. I set up bank accounts to be able to dispurse the funds between myself and my partner. It now appears that he set up an outside contract and has cut me out of the deal completely. The proceeds from the sale were around $100k to be split evenly. The deal funded today and my so called partner took all the funds and is now saying that I am out of the deal. We had nothing written, just a verbal agreement and a witness at the bank where I was setting up the accounts. Do I have any recourse? Is there anything I can do? I feel that they are doing something illegal and wish someone could advise.

 

[Some Random Guy]

All real estate contracts must be written. No exceptions.

Good luck in getting anything out of this.