Legal Question in Real Estate Law in California

Through the death of a relative, I acquired a piece of property in 2006. The property is listed in a LLC with two individuals sharing 50% ownership. I am one of these individual with ownership. My goal to remove my interest in the property; it is not a good arrangement for me. Unfortunately, the other does not want to sell the property, does not have enough funds to purchase my interest, and I cannot afford to purchase his interest. What are my options?


Asked on 7/05/15, 8:19 pm

2 Answers from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Although a lawyer advising you should review all the organizational and operating documents regarding or governing the LLC before giving you final advice, I'd think your solution probably lies in getting a decree of dissolution from a court with jurisdiction. I'd suggest you look up and read sections 17350 thru 17356 of the Corporations Code, dealing with dissolution of limited liability companies.

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Answered on 7/05/15, 9:02 pm
Craig Collins Craig M. Collins, Esq.

You probably need to dissolve the LLC and then ask the court to order the property to be sold. The money will then be divided. The short answer is: you need to hire a lawyer to force the sale of the property.

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Answered on 7/06/15, 8:10 pm


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