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Updated over 9 years ago on . Most recent reply presented by

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Ryan Haskell
  • Investor
  • Maumee, OH
0
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3
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Partner put only his name upon transferring title

Ryan Haskell
  • Investor
  • Maumee, OH
Posted

Hello, let me start by saying I am new to the real estate market and have recently began to get my feet wet with renovating a couple properties.

Here is my question: If my partner in renovating our current house only puts the title to the home in his name after I am the one who funded 90% with my cash and credit, would he be able to sell behind my back? We signed a partnership agreement stating that property could not be sold with out all parties involved, but when I try talk to him about putting my name on the title as well he changes the subject or says there is nothing to worry about. I do not want him selling with out me and running off with my half of the money, considering all the cash and debt I have put into the mix, as well tons of my personal time.

My partner is the one with some experience in real estate and I included majority of the cash, if not all, because he is very secretive and have caught him in numerous lies, either saying pex piping was more expensive than copper, and I notice many other little lies he tells to potential investors as well. He also does some other things I will not mention in a public forum. He does not have anything in his name and seems like suing would be a lost cause. Would this be considered fraudulent activity if sells without me and does not pay my half or do I have any legal recourse before he can sell the house so both of our names on the title? 

Please any help is appreciated, thanks!!

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808
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Charles Worth
  • Investor
  • New York City, NY
417
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808
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Charles Worth
  • Investor
  • New York City, NY
Replied

@Ryan Haskell

To avoid this you may want to consider coming in as debt next time which would mean you should have a lien on the property placed just like a mortgage. This lien will ensure the other person can't sell the property without paying you first. 

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