Legally binding receipt

M

Merlin

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Good morning! I'm posting this here rather than in conveyancing because it's not directly related.
My partner will buy a property I own from me but we have not yet started the actual conveyancing process. He has agreed to pay me a booking deposit. Can I just write a simple receipt stating that I have received x amount of view as booking deposit for property x and sign it? Is that legally binding should I be run over by a bus tomorrow?
Thanks so much for your help
 
Merlin said:
conveyancing because it's not directly related.
Click to expand...

It is directly related.

Why is your partner giving you money now?
I presume it's because you need it now.
He should just give you a loan and you should both sign a piece of paper saying that this is a loan from Eagle to Merlin repayable whenever Eagle demands it.

Then go to a solicitor and get the conveyancing done.

Brendan
 
Brendan Burgess said:
It is directly related.

Why is your partner giving you money now?
I presume it's because you need it now.
He should just give you a loan and you should both sign a piece of paper saying that this is a loan from Eagle to Merlin repayable whenever Eagle demands it.

Then go to a solicitor and get the conveyancing done.

Brendan
Click to expand...
Thanks Brendan,
We will get the conveyancing done - my solicitor already has the deeds etc but as you correctly assumed I need a certain sum asap - so if we both sign this without it being witnessed by a third person / solicitor/notary it is still valid is probably what my question is, which you answered. Thank you
 
Yes, but don't relate it in any way to the property.

It's just a loan from one person to another repayable on demand.

It's just to make sure that if anything goes wrong, Eagle does not claim it was a gift. It probably also avoids any gift tax issues.

Brendan
 
Thanks Brendan,
I drew up the agreement as you suggested and the solicitor who will do the conveyancing as checked it and said this is indeed the best way to deal with this issue and we can take it into account when we commence the sale. Thanks a mill
 
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