• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

selling property contract

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

magi376

Member
What is the name of your state? Wisconsin

I offered to sell my share of a farm to my brother with the terms as follows...$10000 at signing...$10000 in six months...the full amount in one year of the signing with each payment date specified. This contract was in writing signed by both of us but without witnesses or lawyer present. The first $10000 at signing was done...six months later he was about two weeks late with the next payment. Now over a month after the final payment was to be made he still has not completed the deal. This whole time he has had full use of the property and this is where his business is located. I have spoken with him about all this but he says he is trying to sell his home first before he buys my out as to not have two morgages. While I can understand that I also need to complete this because I am soon moving out of state and it will be inconvenient to come back to finish things up later. This is a relative and have been bending over backwards to help but enough is enough. I was sick earlier this year and my medical bills are awful and I really need this money. Is this contract still enforcable? Can I just sell this property to someone else since he never honored his part? What is the situation concerning his $20000? Has he lost it now or would I have to repay this to him from sale if I sell to someone else? How about if he finally comes up with the money is that earlier money part of the option to buy at that certain date and therefore lost to him regardless since he didn't buy when it was agreed? To be honest I would not like to do that but I could use it as a lever to get him moving if he knew that money would be gone otherwise. Any advice?
 
Last edited:



Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top