Posted: Wed Apr 08, 2009 8:44 am Post subject: Property deed and rightful ownership
In 2001 my partner and I agreed to buy a commercial property(In Texas) for about 200k and subsequently went to title company together. We both signed and are on deed but he reneged on the partnership and still proceeded to operate a business out of that property. Do I have any legal claim to property? He is still in business at that location.
If your name is on the property deed, then you are one of the owners of the property and claim the property as your own. This is true for both of you. If you do not want to keep the property any more, you can ask your partner to sign over the property to you so that you can sell it off. If he is not ready to do so, then you can file a partition lawsuit. The court will judge the situation and then sell off the property. If there is a mortgage on the property, then the mortgage will be satisfied first with the sale proceeds. The excess amount, if any, will be divided between both of you. _________________ Procrastination is the enemy of your financial sucess
gain10
