JV deal - WS will not split

[Rachel Lake]

Hi- I have an active 90 day exclusive JV agreement with a wholesaler to help them market a distressed property. Property is in TX. We have been marketing this and actively searching for buyers. We were just informed that the WS has found a buyer and does not appear they are going to split profits. Our JV contract does not stipulate who has to bring the buyer only that profits are to be split by x percentage. Can they legally refuse to split profits if they find the buyer themselves? My understanding is no as long as JV agreement is active. Any guidance is appreciated!

[Jay Hinrichs]

Quote from @Jeff Copeland:

You need an attorney, not a an internet forum. And it will depend very heavily on the written agreement you are referring to. 

But given that:

1. Your JV agreement likely outlines an agreement for both parties to participate in the unlicensed practice of real estate, and

2. The wholesaler is unlikely to have any assets or insurance to go after, and

3. If not expressly written, it was almost certainly implied, that the agreement was IF YOU bring a buyer, then you get a piece of the pie, 

You may not have much of a case to pursue here. 

 Cost of litigating this will far exceed whatever wholesale fee is there..  just chalk it up to a lesson learned there is no honor among theives and those that are not licensed and so on and so forth.