Legal Question in Real Estate Law in Arkansas
Family deal gone bad...
About 10 years ago, My Brother and I built a large shop building together splitting the cost. Now we are no longer in agreement and I would like for him to buy my share or sell the shop. I think the shop is own the land that we co-own together, but there is a possibility part of lies on his part of our land. What legal claim do I have?
1 Answer from Attorneys
Re: Family deal gone bad...
The first thing to always try in a family deal is to work it out yourselves. Apparently, you are past that. Or, at least approaching it.
I would need to know if you have anything in writing. Also, what duties and obligations to the business do both of you have? Are you 50/50 owners? Whose name is the business in?
You may be able to sell your half to anyone, depending on the contract and business relationship. The land question is going to be determined in part on whose property the business is actually on.
Sorry to not be able to give many answers, but more information needed to be able to help you.
But it is very likely a situation you can work out. Just take it one step at a time. You probably will need to talk to an attorney at some point to guide you through the many pitfalls that could trip you up.
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