Verbal Agreements

[dragonsoul]

I live in Arizona USA, and I need to know about binding verbal agreements for the purchase of real property...

 

[Blacky1]

Re:

Verbal agreements are not binding. They must be agreed upon in writing by all parties and fully executed. I am an Arizona Mortgage Lender.

 

[HomeGuru]

I live in Arizona USA, and I need to know about binding verbal agreements for the purchase of real property...

**A: what do you need to know and what is your exact situation?

 

[HomeGuru]

Thank you for your reply...

My exact situation is, that me and another person where going in together on the purchas of a property in Sedona AZ. We both signed the buyer seller agreement, then because of a bankruptsy that the other party had three years prior. The other party had to sign a Nominee Assinee Letter so that my loan that I was getting would go thru. He had verbaly agreed that he was to loan me 60,000 loan for the down payment on the property and in addition I was also to recive an additional 20,000 for personal use. I had agreed to give him 8% compound interest on the total loaned monies of 80,000 payable back within 5 years, and no monthly payments. I told him since he was being so generous I was going to give him an additional 27% of the net equity growth for only the first year of the growth in the equity. The day befor my loan was to close, he calls me to inform me that he is only going to give me enough for the down payment (60,000) he asked me what he would % he would get. In front of two witness that were listening to the conversation via speaker phone. I let him know that he would receive 8% on the money loaned. He said that sounds fine. Then he asked me about the additional 27% that we had disscussed earlier, I told he that was only because of the extra 20,000 that I would have received. Since you are only going to give me 60,000 you will only get 8% on the money loaned to me. He said Ok, can we do this on a handshake over the phone?
I said sure as long as we can sign somthing at the time you give me the monies. The next day we got together at the bank to have the mony transfered into my account. Afterwhich I asked he about the agreement that we should sign for this transaction. He said to me dont worry about that right now, we will finalize everything later in writing. Now after 2 months of trying to get him together with me to sucure the monies loaned, he causes a Law Suit against me saying that we were partners and that I need to pay him back his 60,000 plus 8% plus the 27% and all of his attorney fees... I told him that I will only pay him back for the monies loaned to me plus the 8% simple interest and due to you only loaning me the lesser amount than origanly agreed upon and by the signing of the Nominee Assinee Letter recorded at the Title Co. the rest is null and void. He has also placed a lis pendense on the property by the way of the buyer seller agreement, which he had signed himself off of with the Nominee Assinee Letter...

It's a little more detailed but that is basicly what had happened...

Right now I have a counterclame against him, for Loan Sharking, Extortion, Fraud and a Groundless Lis Pendence... This is what one Realestate Lawyer told me to do. Right now I am trying to fight this myself and I am trying to get more info, to get this dissmissed with predudious. I wish that I could get a Lawyer to take this case on contingency...

Edward Thornton

**A: Listen, your post has too many spelling and other errors. Please have someone help you revise your post so that it is factual and contains proper spelling and grammar.

 

[seniorjudge]

Reply:

Hello HomeGuru, And thank you for your attention into this matter...


My exact situation is, that me and another person where going in together on the purchase of a property in Sedona AZ. We both signed the buyer seller agreement, then because of a bankruptcy that the other party had three years prior. The other party had to sign a Nominee Assignee Letter so that my loan that I was getting would go thru. He had verbally agreed that he was to loan me 60,000 loan for the down payment on the property and in addition I was also to receive an additional 20,000 for personal use. I had agreed to give him 8% compound interest on the total loaned monies of 80,000 payable back within 5 years, and no monthly payments. I told him since he was being so generous I was going to give him an additional 27% of the net equity growth for only the first year of the growth in the equity. The day before my loan was to close, he calls me to inform me that he is only going to give me enough for the down payment (60,000) he asked me what he would % he would get. In front of two witness that were listening to the conversation via speaker phone. I let him know that he would receive 8% on the money loaned. He said that sounds fine. Then he asked me about the additional 27% that we had discussed earlier, I told he that was only because of the extra 20,000 that I would have received. Since you are only going to give me 60,000 you will only get 8% on the money loaned to me. He said Ok, can we do this on a handshake over the phone?
I said sure as long as we can sign something at the time you give me the monies. The next day we got together at the bank to have the money transferred into my account. After which I asked he about the agreement that we should sign for this transaction. He said to me don’t worry about that right now, we will finalize everything later in writing. Now after 2 months of trying to get him together with me to secure the monies loaned, he causes a Law Suit against me saying that we were partners and that I need to pay him back his 60,000 plus 8% plus the 27% and all of his attorney fees... I told him that I will only pay him back for the monies loaned to me plus the 8% simple interest and due to you only loaning me the lesser amount than originally agreed upon and by the signing of the Nominee Assignee Letter recorded at the Title Co. the rest is null and void. He has also placed a lis pendens on the property by the way of the buyer seller agreement, which he had signed himself off of with the Nominee Assignee Letter...

It's a little more detailed but that is basically what had happened...

Right now I have a counterclaim against him, for Loan Sharking, Extortion, Fraud and a Groundless Lis Pendens... This is what one Real-estate Lawyer told me to do. Right now I am trying to fight this myself and I am trying to get more info, to get this dismissed. I wish that I could get a Lawyer to take this case on contingency...

Edward Thornton

Verbal agreements are not binding. They must be agreed upon in writing by all parties and fully executed. I am NOT an Arizona Mortgage Lender.

You need a lawyer.

 

[HomeGuru]

Verbal agreements are not binding. They must be agreed upon in writing by all parties and fully executed. I am NOT an Arizona Mortgage Lender.

You need a lawyer.

**A: this is not really a verbal agreement for the purchase of real property but rather a verbal agreement for the loan of money to buy the property.
Therefore in my opinion, the verbal agreement is enforceable.

 

[seniorjudge]

**A: this is not really a verbal agreement for the purchase of real property but rather a verbal agreement for the loan of money to buy the property.
Therefore in my opinion, the verbal agreement is enforceable.

Then he needs a lawyer AND Uncle Vito to 'splain it to this crook who duped our writer!

 

[HomeGuru]

Then he needs a lawyer AND Uncle Vito to 'splain it to this crook who duped our writer!

**A: he does not want to pay a lawyer. He wants a contingency case and this is far from one.

 

[dragonsoul]

Verbal agreements are not binding. They must be agreed upon in writing by all parties and fully executed. I am an Arizona Mortgage Lender.

Black1, Thank you for your reply...

Is there a legal statment that I can obtain thru Arizona Revised Statutes or thru Contract Laws, that I can use in court?

Edward

 

[HomeGuru]

Black1, Thank you for your reply...

Is there a legal statment that I can obtain thru Arizona Revised Statutes or thru Contract Laws, that I can use in court?

Edward

**A: yes, this I have got to see. I'll bet more than I have on the Superbowl.

 

[dragonsoul]

**A: yes, this I have got to see. I'll bet more than I have on the Superbowl.

A" This person that I am in court with, has absolutly nothing to support his case...

 

[seniorjudge]

A" This person that I am in court with, has absolutly nothing to support his case...

Good luck and post back with results.

 

[dragonsoul]

Good luck and post back with results.

How can he prove a verbal agreement, when he has nothing to prove it with???

 

[seniorjudge]

How can he prove a verbal agreement, when he has nothing to prove it with???

I don't know what evidence he has or doesn't have. I don't know the guy.

 

[dragonsoul]

I don't know what evidence he has or doesn't have. I don't know the guy.

Thanks for you advice...

Edward