Here's the the deal:
I gave a $5000.00 loan to family member who need to finish rehab work on a flip. I had my attorney draft a contract for the loan and we agreed on 20% interest with the full amount of $6000 being due on September 1st. in the contract in states that after SEP 1st interest would jump to 25% annual until paid in full. So that property hasn't sold yet and here we are...
He came to me and asked if we can work out a deal for him to do work on my personal residence to pay back some of the debt. I am open to this idea, especially since i admire his craftsmanship. I do not want to do anything under the table, i want to ensure everything is on paper so that it is fair for both parties and there is no room for communication error.
I am not sure how i would write this new contract but i pretty much want it to detail all of our material costs, labor cost, scope of work, and someway to hold him accountable if the service is not delivered as detailed in the contract.
Can someone please help me out?!?!?!?
I want to get the following work done on my master bathroom:
Tearing out old bathtub and wall tiles in bath tub area
Tear out ceramic tile floors
Paint vanity and install new countertop
New fixtures
Frame walk in shower where the tub was
Frame bench inside shower
build trench drain
install recessed lighting in shower
tile shower up to ceiling and mosaic trim
Install shower glass
tile bathroom floor
install new base boards
install new door