I live in Ohio. My brother and myself have a verbal contract that he would hold a loan on some property for me and my husband for 10 years. I have a land contract on paper but it is not recorded at the courthouse because his loan officer told them they did not like it when there customers did that.
I have made payment timely each month and have been paying the property taxes on the property(the taxes were late one time).
My brother is now mad at me and said he will not hold the loan for 10 years now. Mind you it has been almost 2 years since the loan went through. He said if I do not assume the loan asap he will, without further notice sell the property.
I have paid all payments with checks.
What are my legal rights? Is a verbal contract binding? Can he sell the land and can he make me get assume the loan before the 10 years are up?
Please I am desperate and a nervous wreck over this.