How do I resolve a dispute with my partner over a verbal agreement of a 50/50 split for profits from the sale of real estate?

Question: My partner (a good friend of mine) and I purchased an investment home together. We have recently sold it and he is refusing to split the profits 50/50 with me when that’s what we had verbally agreed. How do I resolve this dispute? Do I need to hire a Real Estate Lawyer?

Response:  A contract is a promise between two or more persons involving the exchange of some good or service. Some of the basic elements of a contract include: an offer and an acceptance; "capacity," or being of legal age and sound competence; "mutual assent," or agreement on the terms of a contract; and "consideration," or compensation for goods or services rendered.

By law, certain types of contracts must be in writing, but oral contracts are valid in many situations. An oral contract is just as binding as a written one, unless the law requires a written contract. Typically, a written contract is better than an oral one because there it proves itself.

It is important that the parties involved in a contract came to an agreement about the particulars of the real estate transaction.  To determine this, a Real Estate Lawyer may be helpful in organizing the facts of your case and finding the best resolution for your dispute.

Answered by Jason Tong

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