Is contract valid? Do I have to sign new deed without any remedy?

My wife & I purchased a home with her two brothers. 12 years ago one brother made it impossible for my wife and I to continue living there. He demanded we move and sign a contract (1) accepting $50,000 to purchase our interest and (2) removing our name from the deed within ONE year. We accepted the $50K. However, despite several requests, he NEVER removed our names from the deed and we had several resulting financial problems. 12 years later, the mortgage is satisfied and he is demanding that we execute a new deed signing the house over to him and his wife. The agreement was that he remove our name in a year. He didn't do that and he is now to trying to enforce that contract. Am I entitled to any remedy since I had to have the house in my name unwillingly for 12 YEARS?????

Brooklyn, NY -

Attorney Answers (2)

Edwin Drantivy

Edwin Drantivy

Real Estate Attorney - Brooklyn, NY
Answered

It all depends on whether you executed an oral or written agreement regarding the "deal." Written agreements are generally more enforceable than oral agreements. However, there may be a solution based on one or more exceptions to the Statute of Frauds even if it was an oral agreement.

Drantivy Law Firm, PLLC
807 Kings Highway, 2nd Floor
Brooklyn, NY 11223
(718) 375-3750

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Hillary Johns

Hillary Johns

Real Estate Attorney - San Diego, CA
Answered

Is this an oral or written agreement and what documents do you have that pertain to your case? I'm licensed in California although it sounds like you have a statute of limitations and a statute of frauds issue in your case. My suggestion: hire a lawyer who can advise you of your legal rights in your state. An exact answer would require a review of the facts of your case and review of your doucments and case history.

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