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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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Involved in a partnership that purchased real property. There

Customer Question

Involved in a partnership that purchased real property. There is conflict between partners about the real property.
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  Richard replied 7 months ago.
Good morning Arnold. My name is ***** ***** I look forward to helping. Can you provide me a bit more information regarding the conflict and your preferred outcome? Thanks.
Customer: replied 7 months ago.
I entered into a contractual agreement with 5 partners to purchase real property.
Prior to the purchase of real property, the partners agreed to have the property purchased by a nonprofit but, the contract we entered shows we maintain a percentage interest in the property.Two of the partners are on the board of the nonprofit; 4 partners are not on the board.We are at an impasse on how to manage the property.
Is there a way for the majority ownership (4 partners) to get control of the property that has been purchased under the name of the nonprofit?
Expert:  Richard replied 7 months ago.
Thanks for responding. Since I initially responded to your question, I have been asked to research various issues for another customer and want you to be able to receive a timely response rather than having to wait. Given this, I am going to opt out so another expert can timely provide you the information you seek. Please do not respond to this post as it will only slow the process of such an expert picking up your question. Take care.
Expert:  Law Educator, Esq. replied 7 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only. I am a DIFFERENT CONTRIBUTOR. Do you have in the contract or in your operating agreement anything about the management of the property?Can you explain the situation in a bit more detail, including how the management was set up when you put the property into the non-profit? What percentage did you retain? What voting rights did you receive?
Customer: replied 7 months ago.
Sorry I did not get your message until late this afternoon. Please let me know a time that I can call you.
Expert:  Law Educator, Esq. replied 7 months ago.
Can you first tell me a bit more about your issue? Thank you.

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