legality of balloon payment

[killer31]

my wife and i recently purchased a property from my father the loan was only in my wifes name,during closing when the agent and i left the room my father asked my wife to sign a balloon on the home in addition to the loan for 96000 dollars to be paid on demand after 10 years. This was hand written on a piece of paper he had found and was not notarized, my wife told me he informed her if she did not sign this he would walk out of the closing and we had already sold our house and had no where to move as this was the tail end of a 3 month long negotiation,My question is how legal is this and do we have to honor it,seems very shady to me...

 

[killer31]

bump bump bump

 

[calalily]

Do you have a copy? You could probably contest it in court as it was NOT part of the original contractual agreement and the agent was not part of the negotiations, and it seems it was coerced (hard to prove though).

 

[killer31]

we have no copy