Verbal Agreement on purchase??

[tetonjack]

What is the name of your state? Maine

This is my question. A few weeks back a group of friends found out about a piece of land for sale, and all agreed to buy as a group as tenancy in common. But time to make the offer was important; do to the fact it would sell fast. So one of the members of the group stated he would close on the property and then after the closing the group would draw up the agreement and pay their share. But when the members tried to pay their part of the shares the member that paid for the land at the closing stated he not longer was going to sell the shares verbally agreed too. This agreement was well known and talked about by many, even the attorney that put the closing together. What if any option does the other members have? Thanks for the help.

 

[pojo2]

Looks like you lost out on this one because someone was to cheap to contact an Atty and find out the best way to handle such a transaction. The member has the contracts you have nothing unless some Judge agrees with your verbal agreement.

 

[divgradcurl]

Verbal contracts for the sale of purchase of land are not enforceable. Even if you could prove that such a verbal contract existed, it would not be enforceable.