Legal Question in Real Estate Law in Massachusetts
If you own prroperty and its losing money can it be sold even if you have a partnership agreement eith someone who in not on title, if they don't want you to sell. Would there be ramifications ?
1 Answer from Attorneys
If the property is not in the name of the partnership, the person who holds title can technically sell it. However, if the partnership is supposed to own the property and the person holding title owns it on behalf of the partnership, then there is what is called a constructive trust.
The result will be lawsuits against you and whoever else signs the deed by the other partner as well as the buyer. My advice is not to do it until you sit down with an attorney and he reviews all the agreements and emails (correspondence) between the parties. I would suggest you seek to dissolve the partnership and sell the property.
The Partner can sue both you and the buyer, and the buyer and his lender will sue you or their title company will unless you have authority to do it.