Legal Question in Real Estate Law in New York
Conflict of interest
My partner and I bought a two family house in 2003. In October 2005, we agreed to sell it. There was an offer for 4% below the asking price. I agree, but he didn't. He said he's willing to sell for less than 2%. Market is volatile right now. We have a signed agreement stated, by January 2005, one of us has to buy the others part of the house, or else we sell it out at market price. In the agreement, we never discuss how long it can take to sell the house in the market. I am getting the feeling he is trying to delay. I feel if we delay further, our property value will go down.
3 Answers from Attorneys
Re: Conflict of interest
Your remedy is an action in partition to compel a sale.
Re: Conflict of interest
You don't sound so far apart. Negotiate and come to an agreement.
Re: Conflict of interest
Negotiate a settlement, first try to get the buyer to up the price. Depending on the price 2% (actually you only need 1% more if you are willing to stick to your price) is not that much difference.
Or negotiate with your partner. Your argument can include the fact that you have agreed to sell for 4% under therefore under your old signed agreement he should pay you one half the price you agreed to in January '06 (I guess you made a typo in the question) or accept the present price. You can also offer to take 1%less and give him 1% more.
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