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Updated over 3 years ago on . Most recent reply

User Stats

2
Posts
2
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Frank Van Hemert
  • Investor
  • Freehold, NJ
2
Votes |
2
Posts

Partnership Gone Wrong

Frank Van Hemert
  • Investor
  • Freehold, NJ
Posted

Hi all!

I'm trying to help my mother. She's partnered with her cousin on a rental property and stuff has hit the fan! Here's the reader's digest version:

  • They do not have a written agreement (and at this point cannot agree on one)
  • She wants to sell, he does not (he is not on the mortgage but is on the title)
  • Tenants that were month to month are moving at the end of the month, no rental listing exists
  • To get the property, he put up a down payment (over $50k), and she secured the mortgage

What he wants in a buyout or sale is unreasonable (after lawyer review), and even though they still cannot agree on a partnership agreement, he wants to list the rental and get tenants in ASAP. He also withdrew all the money in a shared bank account related to this property because he "can't trust her". I advised my mom to get further legal advise, but what do you think?

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