Legal Question in Real Estate Law in Virginia
Wife and I agreed that she would receive $50,000 proceeds of a land sale we owned. We listed land for $299,000, however, hit the downturn in market and sold for $69,000 (loan amount $117,000). I paid the remaining debt to lender. I just got served stating that I still owe her $55,000. Thoughts?
1 Answer from Attorneys
Va. Code Sec. 11-1 which codifies the Statute of Frauds and thereby requires
that all contracts related to the sale of real estate in the Commonwealth be written in order to be enforceable. And, consequently, if the referenced agreement with your wife was merely oral and not in writing, the lawsuit which she has apparently filed against you should be subject to dismissal once you raise this failure to comply with the Statute of Frauds as an affirmative defense in your Answer filed in response to her Complaint.
However, if your promise to pay her this $55k was in fact reduced to writing and complied with the other requirements to make it a valid and enforceable contract, then you may have to pay up.
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