Legal Question in Real Estate Law in Iowa
My sons employer agreed to finance a house for him if he worked for them 10 years and they would make the payments once a year out of farm bonus, they were going to get a loan and cosign, if he quit before 10yrs he would have to pay the remaining balance. We loaned him 10000 to buy the house originally with them to pay us back. IT needed a lot of work. The house was put in his name only at closing, no contracts at all. His employer has only paid back 5000 of the money but they have spent 30000 in remodeling the house as they agreed but now they want to sell it and not finance it or they want us to buy it. How can they sell it when its in my sons name
1 Answer from Attorneys
Hard to say without reviewing the relevant documents. I hope there was a written agreement regarding the terms you describe. It also would require a review of the abstract or a title search if the abstract is not available in order to provide you with specific advice. You or your son should consult with a real estate attorney.
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