marineone
02-17-2009, 10:21 PM
made a spoken agreement with a person to purchase a rental property and fix it up. He was to finance it, (I had zero buy-in $), we'd rehab it and split the profits after taxes and fees.
Ultimately, this person owns the property, I own nothing, and am out some money I put into the fixup materials.
I am suing for the return of the money. Should I also sue for 50% ownership of the property (approx. 50k in equity before taxes)?
Background: I was at the closing, the mortgage lender and the seller's agent were present and know that I was to own 50% even though I wasn't a signer at closing, as the deal was discussed at the closing table.
Ultimately, this person owns the property, I own nothing, and am out some money I put into the fixup materials.
I am suing for the return of the money. Should I also sue for 50% ownership of the property (approx. 50k in equity before taxes)?
Background: I was at the closing, the mortgage lender and the seller's agent were present and know that I was to own 50% even though I wasn't a signer at closing, as the deal was discussed at the closing table.