North Bergen, NJ asked in Contracts for New Jersey

Q: Need a letter

Hello: I am looking for a letter that I need my son to sign in exchange for $20,000.00. We bought him a house five years ago and he wanted another place and I financed it for him. He wants to stay at the other property but wants 20,000.00. I am willing to give it to him but I want him to sign a document stating he relinquishes all right to the home we bought him and would not be asking for any more money in the future. Thanks

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2 Lawyer Answers
H. Scott Aalsberg Esq.
H. Scott Aalsberg Esq.
Answered
  • East Brunswick, NJ
  • Licensed in New Jersey

A: You don't need a letter, but an agreement/signed contract to get what you want.

Leonard R. Boyer
Leonard R. Boyer
Answered
  • Clifton, NJ
  • Licensed in New Jersey

A: A letter is insufficient in this matter. Depending on what a review of the documents pertaining to both properties indicates a new deed and other documents will be required. A deed or any matter pertaining to a financial obligation in regard to real estate cannot be modified by a letter.

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