Q: Will memo line on a check serve binding on a real estate sale with no official sales contract?
I purchased land on October 29th, 2018 and on the memo line I wrote "purchase of 40 acres balance approximately 41,000". The total price was 121,000.00 and I put 80,000.00 down and rest to be paid at closing. Seller hears that I have an enormous offer and begins figuring a way to maintain ownership. Meanwhile I've put close to 250,000.00 into improvements and engineering. I have no sales contract, only the memo line on the check to prove my case, is that enough?
A: Is it good enough? It is certainly better than nothing. It is likely that the check along with testimony will be sufficient to prevail. You have an an issue that all contracts for the purchase and sell of real estate in CO must be in writing, as such if the opposing smells a big profit you need to get an attorney and prepare to do battle.
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