Real Estate- Partnership
Me and a friend bought a property in Louisiana. her credit was bad and the bank would not touch her, but the bank approved the loan under my name. We agreed to still buy the house and split the costs---mortgage and renovations, so she is on the title on the first property. Later I bought a second property on my own and told her that unless she could come up with half, I would be doing this one on my own. She got mad and is now suing me for ''Petition for damages''---basically she is stating that we had a verbal agreement and I broke it on the first property and the second property. She made only one mortgage payment on the first property and never made any other payments and only put up 3,300 for renovations. I have invested about $25,000 in the first property. I have also bought the second one on my own and made all the repairs on my own as well. Is she entitled to anything on either property and am I in breach of contract? I'm confused how an attorney would even mention anything on the second property when she is not on the title at all and did not have any funds/ credit to even buy it.
1 Answer from Attorneys
Re: Real Estate- Partnership
Well, she was able to get you to do some pretty stupid things, so she probably used the same charm on her attorney. Verbal contracts are hard to prove, especially if one party is not contributing, and does not have the means to participate in further deals. Your problem as I see it is you must have been getting something from her in exchange for putting your own money and credit up and letting her own 1/2, so you need to look at that aspect.