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Updated over 7 years ago,

User Stats

25
Posts
1
Votes
Michael Nieves
  • Mesquite, TX
1
Votes |
25
Posts

I need advice with a partnership disagreement

Michael Nieves
  • Mesquite, TX
Posted

To sum things up, I partnered with two Real Estate Agents I met through Redfin on a rehab. The deal was for me to put up the money for the home purchase and they fund the rehab costs. I'm inexperienced, the home is under one of the partner's LLC and at this point had no type of paperwork to protect me. One of the partners drafted a very basic agreement, but I was still not quite comfortable and we all agreed for a more formal document through a lawyer. I forwarded a copy of the new agreement to both partner's a month ago to have reviewed, which both neglected to get back to me. I brought the issue up again, as the property is almost finished. Both partner's had objections to the new document, which I then took back to the attorney. He felt that it would not be in my best interest to have the changes they opted for, and that if they would not sign the new document that I should have the titling down at his office so the funds will be in escrow.

I presented the titling idea to my partner's but they objected saying that a buyer may not agree to it, and they would much rather use another company to do so. I understand my lawyer is fighting for my absolute best interest, but at the same time I'm not sure if I'm being unreasonable as I am inexperienced.

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