Legal Question in Real Estate Law in Texas
My grandfather passed away recently and left 2/3 interest in a commercial rental property to his 4 kids. The other 1/3 is controlled by their 2 cousins. There was a partnership agreement but all the members listed are dead now. If the 6 of them can't agree what to do or how to run the property how will it be decided? The property is in Dallas TX . Thank you for your help
JSR
1 Answer from Attorneys
If the property is owned by the partnership (and maybe if it isn't) the terms of the partnership agreement control, notwithstanding the fact that the partners are all dead. Did your GF's will leave the property, or his interest in the partnership, specifically, to his kids? If there's a true impasse the courts will have to decide how to dispose of the interest, either by partition or by enforcement of the winding up provisions in the partnership agreement. You're going to need a lawyer to read the agreement and ascertain other relevant facts to get your answer.
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