At this time do I need something in writing to protect my investment for the future?

Asked about 1 year ago - Largo, FL

In 2005 a friend & I bought a mobile together. My invest. $62000, hers $0. The agreement was that I made the initial investment and over time she would pay the taxes, insurance, remainder of the mortg. and maintain the place to insure good resale. Her investment now almost equals what I invested. When we purchased this place no legal agreement was signed. However at this point an issue of maintenance has come up and the friendship ended. Do I need something in writing to protect my investment from this point forward since I want to end this and return to TX? The place will go on the market for sale before I leave, or should I stay here until it is sold to insure that I receive my half of the selling price?

Attorney answers (2)

  1. Eugene P. Castagliuolo

    Contributor Level 16

    3

    Lawyers agree

    Answered . You are paying the price of aggravation over this, and I'm sure it has cost you so much more than the $100 or so it would have cost you to create a "legal agreement" in 2005. Don't make the same mistake again. This is not a do-it-yourself problem with a do-it-yourself solution. Do what you should have done in 2005. Go see a lawyer. Yesterday.

    I hope you found my answer helpful. If you did, please click "helpful" and/or "best answer," because doing so... more
  2. Earl Kenneth Mallory

    Pro

    Contributor Level 16

    2

    Lawyers agree

    Answered . Have you discussed any of the issues with your former friend? The more that you can agree upon, the less time will be required to create a written agreement. Whose name is on the deed, one or both? You will need a lawyer before you are done. Choose wisely.

    This response does not create an attorney-client relationship. Unless you are already a client of the Mallory Law Group, pursuant to an executed employment agreement, you should not use, interpret, or rely on this response as legal advice or opinion. Do not act on any information in this response without seeking legal advice. Earl K. Mallory

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

23,935 answers this week

2,798 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

23,935 answers this week

2,798 attorneys answering