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My question is my brother-in-law bought a duplex with the morgatge in his name and we just wrote up a little contract to try to make things easier. We are having a rough time between family members and was wondering if the "contract" is legal binding. It was only signed by the 4 people involved. We are trying to leave and have in the contract that we are allowed to sublet our half if we moved. My brother-in-law doesnt want us doing it and is threating to sell the place. Would a written agreement juat signed by the 4 people involved be legal or should it have been noterized to be legal. I live in ny.
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It is legal whether it is notarized or not. Whether it is enforceable based on its terms in another question. For example, an interest in property must be written. But the mortgage company was not told that others would have an interest. Thus, did your brother in law commit bank fraud doing the agreement? These are issues. The notary issue is not relevant.
Answered on Jul 30th, 2016 at 3:33 PM