Legal Question in Real Estate Law in Texas

Obtain release of liability

I am currently in a real estate joint venture and am selling my ownership interest in the JV to another partner, the trustee. I have three questions:

(1) Does the fact that I will no longer be a partner in the JV extinguish my liability in the JV?

(2) What written documentation should I obtain to assure that I have been fully released from any and all liabilities related to this JV?

(3) Is an assumption of liability and indemnification document signed by the purchaser (the trustee) sufficient, or must I obtain a release signed by all partners (which may be difficult)? Should I provide a partnership withdrawal notice to all partners?

Thanks for your help.


Asked on 12/08/04, 7:37 pm

1 Answer from Attorneys
Joseph A. McDermott, III Attorney at Law

Re: Obtain release of liability

You need to 1) notify all who may have dealt with the partnership that you are no longer a partner, 2) obtain a release from any partnership debt you may have signed up on, and 3) get a release from all the other partners.

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Answered on 12/09/04, 2:58 pm


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