Documenting an Large Loan from a Family Member
My question involves collection proceedings in the State of: California
My mother loaned me verbally 150K, to start my new business that sounded very promising. And we discussed that we would get the promissory note and everything done since my niece and i have full intentions of paying her back. Well suddenly while in escrow with about few days of closing she decides to tell us that she does not want to do it and call it off. Which we are completely against, and i'm afraid she can make up something up, i've documented all text and emails of the agreements that we've had since we still have full intentions of paying her back. Any advice would help i don't want to back off from this opportunity can she do anything against myself and niece legally? She gave us the money we posted a deposit. What are my risks if any? i know she made a mistake of just giving us the money without any signed papers but I've expressed that we can signed whatever she wants because we want to pay her back. Can she do something against us?