Legal Question in Real Estate Law in New York

apartment building partner

My 5 siblings and me own our mothers share of 2 buildings, that are co-op, approx. 175 units total. Our 2 uncles and 7 cousins all own, my question is, we only get a check when an apartment sells...shouldn't we be getting rent and mat. fees after expenses? We feel our family has been ripping us off, and our mother before us. we are general partners, please advise. thank you


Asked on 9/10/07, 12:41 pm

2 Answers from Attorneys
Robert R. Groezinger GroezingerLaw P.C.

Re: apartment building partner

You need to see if there is a partnership agreement and otherwise seek an accounting in court.

Feel free to contact me with any questions.

Good Luck

RRG

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Answered on 9/10/07, 1:10 pm
richard feldman richard d. feldman

Re: apartment building partner

While it depends upon the agreement between the partners there may be a constructive trust that entitles you to the profits from the real estate

call me for a free telephone consultation

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Answered on 9/10/07, 4:37 pm


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