Q: Will a, witnessed, verbal contract for deed hold up in court
The owners promissed to make all pmts on the property until August 2017. This was so I would be able to do remodeling to get the appraised value up to the amount they owe. They now tell us they cannot make the payments as agreed, and that we need to get a mortgage 9 months early, or they will sell it to someone else.
A: It is highly unlikely, as the doctrine of the statute of frauds will likely bar the contract you describe from being valid unless it is in writing. In any event, due to the amount at stake, I would recommend organizing all information relevant to this situation, and consulting with an attorney individually. A knowledgeable attorney will be able to give you a comprehensive analysis of this situation, and will advise you of your options moving forward, as you may have other options.
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