How do I collect ona real estate debt?
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How do I collect ona real estate debt?
We had a family farm in the family since my great grandfather. My sister and I inherited it, she signed her half over to her son, who bought it.I received half the money at the time (5 years ago) and his agreement was to make payments until he paid me off. He hasn’t made any payments and gives me no indication of paying the other half and does not communicate with me. What is my recourse? I have a contract but his signature is not on it.
Asked on July 12, 2012 under Real Estate Law, Missouri
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Please seek help from an attorney as soon as you can. Certain transactions have to be in writing and signed byt the party to be charged (the responsible person) in order to be valid or they violate a law known as the Statute of Frauds. Generally speaking, transactions regardng the transfer of real property fall under that law. Good luck.
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