Verbal Agreement with Boyfriend
My boyfriend was going to buy a condo. The downpayment and closing costs were going to be $10,000. I told him I would pay $5000 of the downpayment & closing costs and we would split the mortgage payment, HOA fees, etc.
He was denied a mortgage because of his credit. I obtained a mortgage in my name (warranty deed). I accepted his $5000 payment.
Though I have met my obligation by paying the mortgage, etc. on time, his payments to me for his half have been sporadic. Neither of us lives in the condo on a regular basis. There is no formal cohabitation. It was simply the half-way point between our respective cities and was convenient for the sake of travel.
We are now splitting up. Does this man have any legal recourse if I decide to sell or lease this property? His name does not appear on any documents.
Answered on: 6/09/03, 3:06 pm by Paul Velte IV
Re: Verbal Agreement with Boyfriend
You can do anything you want with that unit. He is in a very weak position to assert any kind of claim. He could try though, but if he's as unreliable as his payment history shows, then I doubt he will. He could try to assert he has an "equitable" interest but he'd have to sue to establish it, since his interest appears nowhere of record, and you're not married. He could also sue for reimbursement, but you could probably defeat that too, since he didn't keep up his end of the bargain with timely mortgage payments, and you had to cover them when he didn't. And men wonder why women think they're such deadbeats...
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Paul C. Velte IV, Attorney at Law 109 E. Hopkins St., Suite 204 San Marcos, TX 78666► Other answers from this attorney