Legal Question in Real Estate Law in Arizona

History: I bought a boat with 2 other people. The names are listed as owners are PartA OR PartyB OR PartyC. Not AND.

We decided to sell the boat. Party C e-mailed me both PartyA and PartyB stating where to take it and when. Both PartyA and PartyB took it to the place indicated by PartyC. PartyC did not show up but both PartyA and PartyB signed the papers to sell the boat. The Boat sold and PartyC wrote and e-mail to the place we took it and told them he had not released owenership of the boat. PartyC also wants his 3rd of the money left after selling fees. This was done in Arizona

Question:

1) Do we need his signature to sell the boat? I was told I didn't by the department of game anf fish since the names are divided by OR's no And's.

2) The money left was minumal, is he entitle to any of it. I had to pay for gas and lodgging when I took the boat but he didn't show up. So I took the costs to put it on sale.

3) Ive thought about given him his 3rd to just get it over with...But I want a letter/ receipt from him.

Any help would be highly appreciated!

Thank you in advance!


Asked on 4/12/10, 10:23 am

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

The costs of sale are reasonable expenses which should be accounted for with each of the parties, deducted from the proceeds of sale, before there is a split of the remaining amount amongst the parties. You should get a receipt from him that he received his share, and better yet, you should get a "release of all claims" signed by him as well.

In the future, be sure that you have a written agreement that says how ownership will be handled and how the property can or will be sold and the partnership terminated.

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Answered on 4/17/10, 11:07 am


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