We signed a contract without being specific and going into detail and we are stuck

[homie45]

I used to work with my partner building houses. After a few years he got into some financial problems and asked me if I can help him out. I sold him an expensive land worth $1.5M in exchange for him building a 5-story building and giving me the ownership of the first two floors. I sell the land, and he pays for the actual construction. A huge favor.

Now my ex-partner got into more financial trouble and now says he doesn't have the money to start building, leaving the land the way he bought it. Now, he doesn't want to give it back to me nor does he want to start building. The problem is, it was not stated on the contract when my ex-partner will need to start construction. It's been now 12 years and he still doesn't want to do anything. I'm stuck with this terrible person who basically took advantage of me and won't give me back my land. It's not his since he did not fulfilled his side of the agreement. This was the situation for the last 12 years now.

What can I do? Any tips?

 

[PayrollHRGuy]

Who's name is on the deed now? Yours or his.

 

[adjusterjack]

You've posted this three times which is annoying and useless. Once is enough. The other two have been reported for deletion. Please don't do it again.

You ignored the question about your state.

This is a contracts issue. A court might impute a reasonable time frame for the completion of the contractual requirements.

For the amount of money involved, you really need to hire yourself an attorney.

 

[Zigner]

You've posted this three times which is annoying and useless. Once is enough. The other two have been reported for deletion. Please don't do it again.

You ignored the question about your state.

This is a contracts issue. A court might impute a reasonable time frame for the completion of the contractual requirements.

For the amount of money involved, you really need to hire yourself an attorney.

OP might be running in to a statute of limitations problem in his as-yet-unnamed state.

 

[HRZ]

IF you deeded him the land it's his land now ...you failed to list state...now clue what statute of limitations might apply .

IF you did a deal like this and sat on your hands for 12 years....your point is growing mold and inaction reflects poorly on you...time to get some serious legal skills involved to sort out if there are any workable options ....

 

[adjusterjack]

OP might be running in to a statute of limitations problem in his as-yet-unnamed state.

More than likely. But he has a 1 in 50 chance that he is in KY where the SOL was 15 years if the contract was entered into before July 15, 2014.

Otherwise, he probably is out of luck.

 

[HRZ]

There may be some debate as to when the SOL began to run ...but this is getting stale quickly and OP has spent far far too long waiting for miracles