Legal Question in Real Estate Law in New York

Re: Partnerships

Without a formal agreement specifying anything to the contrary, a simple majority of interests (aggregating 51%) can control everything.

Re: Partnerships

Walter is wrong, and I have seen (and litigated) this misconception time and time again.

A partnership is not a corporation. It does not matter if the partners own 51% or 1%. Each has an equal say in the property.

If one partner wants to partition or sell the property, there is little that can be done to stop the partner since it is academic that you can't force a partner to continue with the partnership.

Mike.

Re: Partnerships

You always can force a sale of the property via an action to partition and get your share of the proceeds. This is your trump card.

Re: Partnerships

It all depends on how the deed reads. Generally, each owner has an undivided interest in the whole. That's legal mumbo-jumbo. But how the deed reads does have an effect.

Then, generally, you may go to Court through filing a petition (a lawsuit) to force a sale, so to speak.

It all depends on what 'overthrow' means.

Call me if you have any questions...

Good Luck

RRG