Parent's estate left 2 siblings property equally six years ago. At probate we decided not to sell, for the market had just collapsed, so property is in both our names. We talked about ways to divide property as equitably as possible at the time, but one sibling wanted to wait for newest tax assessment on one piece of land. It did not come until 3 years later, at which time the property's value went down 50% so now the original split is not anywhere close to being equitable.
The sibling that wanted to wait is now threatening a lawsuit, saying that the original oral agreement for dividing property has been broken.
Are discussions considered an actual oral agreement/contract? There were never any real details discussed and I never felt it to be a contract at the time, but he is now pressuring to have quit claim deeds signed or he will take me to court for a broken oral agreement. Can he do this? What should I do?
1 Answer from Attorneys
Contracts concerning land must be written to be valid under Virginia's codified version
of the Statute of Frauds. (See Va Code Title 11.)