Posted by Ed Copp (OH) on February 21, 2003 at 18:48:41:
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Bad Partner - Posted by Rick Schulte
Posted by Rick Schulte on February 21, 2003 at 09:44:14:
I purchased a property with my brother with the verbal agreement that we would fix it up and sell it over the next year or two. After signing our paperwork, his attitude changed and he said he never would sell the property.
It has been a year, and he is dragging his feet.
At this point I just want to cut my losses and get out.
Q: What If want to sell and he dosen’t?
What are my legal options and how should I proceed to get out?
Thanks for any legal help you can provide.
Rick
Re: Bad Partner - Posted by John Merchant
Posted by John Merchant on February 21, 2003 at 13:30:22:
Your deal is just one of a lot of reasons the plain old RE partnership is a bad way to own RE.
Your deal is typical of what I hear over and over, all over the country, and is sadly all too typical.
Your ONLY, repeat ONLY legal recourse is to file a RE parition suit, asking the court to have the property appraised and then order it sold unless the two of you can come up with a plan for one of you to buy the other out.
All of the PA’s suit’s cost, including attorney’s fee, would have to come out of your pocket, and would probably take a couple of years to finally get to the courtroom…but the threat of it might force your brother off the dime and into getting serious…to either buy your interest, sell you his, or just put the RE on the market.
As I’ve said before, probably 90% of all PAs filed are usually dismissed because the parties finally sit down and talk and settle their own deal.