Legal Question in Real Estate Law in New York

real estate partnership question.

I own 50 % of a real estate partnership. My partner, who own the other 50% wants to get out of the partnership and sell his part of the building to me. He is asking an unfairly high price for it and i do not want to sell because i live in the building as well. Can he sell his share of the building to a 3rd party without my consent? We are both listed as owners on the deed but have no formal agreement written out. Thanks


Asked on 4/14/08, 6:32 pm

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

Re: real estate partnership question.

It depends on what is written on the deed. However, assuming the deed just has both names, he cannot sell his "share" of the building without your consent. HOWEVER, he can start a partition proceeding to sell the asset and divide the proceeds.

Mike.

Read more
Answered on 4/15/08, 8:44 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New York