What is the name of your state? Georgia
My old boss bought a condo for me from an auction for 105k. He had the cash to buy it, and he wanted to do a favor for me. I was supposed to buy it back from him right after. It took 3 months for the bank to send him the deed of the property and it took another 2 months for my mortgage application to be approved.
At the closing day, he said I lost money in that time period so I owe him $10,000. I said I am okay paying him interest which would be less than 2k but he denied it. He asked for 10k. I already made renovations to the condo so I signed a paper that says I will pay him 2k for the next 5 months.
-I have a sales agreement on a property for 105k right after the auction.
-I bought the property for 105k at the closing. That 10k extra is not mentioned in the closing documents.
-He only has a paper that says, I owe him 10k for the condo and my signature.
Is that paper I signed legally binding ?
Thanks
My old boss bought a condo for me from an auction for 105k. He had the cash to buy it, and he wanted to do a favor for me. I was supposed to buy it back from him right after. It took 3 months for the bank to send him the deed of the property and it took another 2 months for my mortgage application to be approved.
At the closing day, he said I lost money in that time period so I owe him $10,000. I said I am okay paying him interest which would be less than 2k but he denied it. He asked for 10k. I already made renovations to the condo so I signed a paper that says I will pay him 2k for the next 5 months.
-I have a sales agreement on a property for 105k right after the auction.
-I bought the property for 105k at the closing. That 10k extra is not mentioned in the closing documents.
-He only has a paper that says, I owe him 10k for the condo and my signature.
Is that paper I signed legally binding ?
Thanks