Instead, Talley’s lawsuit alleges he, Malkemus and Yurgaitis entered into a “gentleman’s agreement” and that Talley would provide a $120,000 down payment and Malkemus and Yurgaitis would “use the down payment and funds of their own to purchase the home for Talley’s benefit.”
“The parties agreed that Talley would exclusively own, occupy and care for the home. It was agreed and always understood that Talley would, over time, ‘pay off’ the balance of the purchase price paid by the defendants at which point title would then formally be transferred to Talley,” the former editor’s legal paper work claims.
“In the meantime, the defendants would hold title for the beneficial ownership of Talley.”