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    vinod5555's Avatar
    vinod5555 Posts: 3, Reputation: 1
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    #1

    Mar 28, 2016, 12:35 PM
    Property in partnership with a friend
    I and my wife have a commercial property in partnership with a friend and his wife. 50% each family. The deed is in all four names. We have no legal documents on the partnership. I and my wife like to sell the property and distribute equal amount after deducting all expenses. My partner and his wife don't want to sell nor they want to buy our share.

    What options I got now. How to get rid of the property and get our money?
    ma0641's Avatar
    ma0641 Posts: 15,675, Reputation: 1012
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    #2

    Mar 28, 2016, 03:35 PM
    Almost impossible without a contract showing how the partnership is set up. Why would you ever do a business venture like this and not have a contract? Why would someone want to buy this blindly?
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #3

    Mar 28, 2016, 04:10 PM
    In all states I know about, the wording of the TYPE of ownership on the deed, right after the names, determines how it can be divided. Leaving out the names, please tell us the exact wording. Also what state you are in.
    You should be able to 'force partition' in probate court, meaning force a sale.
    You NEED a real estate lawyer, given that you hadn't even thought about this eventuality. You don't HAVE to. There will be a probate fee.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #4

    Mar 28, 2016, 04:23 PM
    Quote Originally Posted by joypulv View Post
    ... You should be able to 'force partition' in probate court, meaning force a sale. ... There will be a probate fee.
    Yes, but in general it has nothing to do with probate (inheritance from deceased individuals).

    I would also be quite concerned about OP's exposure for the debts of the partnership (if a partnership actually exists), when the partners cannot agree on something as fundamental as this, especially with the lack of a written agreement. Unless they are in business together, I question whether a partnership exists. It looks more like simply a matter of land owned in common. Be sure to have an attorney look at it.
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    vinod5555 Posts: 3, Reputation: 1
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    #5

    Mar 28, 2016, 07:08 PM
    Quote Originally Posted by AK lawyer View Post
    Yes, but in general it has nothing to do with probate (inheritance from deceased individuals).

    I would also be quite concerned about OP's exposure for the debts of the partnership (if a partnership actually exists), when the partners cannot agree on something as fundamental as this, especially with the lack of a written agreement. Unless they are in business together, I question whether a partnership exists. It looks more like simply a matter of land owned in common. Be sure to have an attorney look at it.
    Thanks for your reply. I will contact a Real Estate lawer
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #6

    Mar 28, 2016, 10:39 PM
    Yes, I agree, it can depend on the state where you are located, and/or the exact wording of the deed.
    This is a bad issue, since in many places you will not be able to do anything. Since no one person has control, to make a full choice.

    Or you may be able to sell your 1/2 share, of the property to someone who would then become a partner.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #7

    Mar 29, 2016, 05:01 AM
    Quote Originally Posted by vinod5555 View Post
    Thanks for your reply. I will contact a Real Estate lawer
    Do you know how the deed is worded? For example if all 4 names are listed as Tenants in common, then each person owns 1/4 of the property. On the other hand it could be set up so each husband and wife own 1/2 jointly.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #8

    Mar 29, 2016, 06:36 AM
    Quote Originally Posted by Fr_Chuck View Post
    ...
    Or you may be able to sell your 1/2 share, of the property to someone who would then become a partner.
    It's not likely that OP will be able to find a buyer to anyone who would be willing to pay anything near what it's worth. After all, who wants to buy a lawsuit?

    And in any event, even if OP and his wife are partners with the other couple (the unlikeliness of which I have discussed above), in the absence of the other partners' consent, such a buyer would definitely not become a partner. The buyer would merely be an owner of an undivided share.
    vinod5555's Avatar
    vinod5555 Posts: 3, Reputation: 1
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    #9

    Mar 29, 2016, 05:29 PM
    Quote Originally Posted by ScottGem View Post
    Do you know how the deed is worded? For example if all 4 names are listed as Tenants in common, then each person owns 1/4 of the property. On the other hand it could be set up so each husband and wife own 1/2 jointly.
    The way it is worded. My partner's name and said a married man then my name a married man tenants in common. Is there any way to get court orders to auction the property and distribute between all of us?
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    ScottGem Posts: 64,966, Reputation: 6056
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    #10

    Mar 29, 2016, 05:36 PM
    Looks like it is just you and the other guy, not the spouses. You need a lawyer to advise on the possibility of forcing a sale.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #11

    Mar 30, 2016, 03:42 AM
    If you won't pay for legal help, and are polite and pleasant at the courthouse, ask for your state's process for 'forcing partition' by sale. Bring the deed.
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