I have a verbal land contract with my neighbor for a piece of land. I have paid him 20k out of the 60k. I have recently encountered some serious financial difficulties and am behind on my payments. He now wants to pull the plug on our deal and resell the land. He expects me just to take a 20k loss. What are my rights in this matter? Thank you
In California, contracts for purchase of real property must be in writing to avoid application of the statute of frauds. Also, generally, contracts for sale of real estate have deeds of trust and promissory notes which have provisions for default. You should consult a lawyer in your state to evaluate your rights and remedies.
Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.