Would a home made agreement/contract that is signed and notarized on how the profits from a home sale are to be decided, legal?
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Would a home made agreement/contract that is signed and notarized on how the profits from a home sale are to be decided, legal?
My father passed away. Him and his girlfriend purchased a home and she was given full rights to the home after his passing. She has agreed to sale the house and split the profits from the sale 50/50. We want to draw up a contract or agreement document stating all the facts and sign, date it in front of a notary. Would a document like this be considered legal?
Asked on March 7, 2019 under Real Estate Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
And what is she getting in exchange for giving up half the profits? If she is not getting something of value in exchange for giving up the profits, this would not be a contract and would not be enforceable. To form a contract, there must be "consideration" on both sides: that is, each party to the contract must give or promise something of value to the other party. If one party is giving up something of value but the other side is not, there is a failure or lack of consideration and no contract. So if she is giving up profit from the home but not getting anything in return, there would be no enforceable contract.
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