How doI document a loan?

I gave someone money for a deposit on a house and in return he was supposed to put me on the tile, which he never did. When I transferred money to the bank, I stated that it was a gift. I want my money back but I want to know what is the best way to go about this. He is willing to sign an agreement that I lent him that money. What kind of form do I get?

Asked on December 27, 2010 under Bankruptcy Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The type of form that an attorney draws up for you to have him sign.  Your transaction has violated the fundamentals of transfer of real property and that is that transactions for the purchase of real property have to be in writing and signed by the party to be charged (the party who is to live up to transferring the property) in order to be valid.  It is known as the Statute of Frauds.  Your stating that the money was a gift does not help your situation here and I think that you need to consult with an attorney asap in order to clear the matter up in your favor.  You are on very shaky ground.   


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