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Can a corporation legally evicted it investor from a

Customer Question
property that have 50...
can a corporation legally evicted it investor from a property that have 50 % interest invested
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 1 minute by:
9/27/2015
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 121,098
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Can you please clarify, your statement above is a bit confusing.

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Customer reply replied 2 years ago
i invested in a property at 50% that is deed to a corporation llc. i live in the property and now the corporation want to take possession of the unit i live in. Can the corporation legally evict me from the property i have invested in?
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago

Thank you for your reply.

Okay, so you are a part owner of the LLC and they are trying to remove you from the LLC and the property. Unless there is some contract you signed or some membership agreement with the LLC that says something different, they CANNOT put you out without a proper vote of the members of the LLC to remove you from the property. Since you invested in the property and LLC 50%, you are an owner and entitled to rights to the property equally with the other owner unless you signed some contract that allows them to remove you.

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Customer reply replied 2 years ago
I am not owner of the llc , i am just invested in a property owned by llc. my interest in only in the property only,
Customer reply replied 2 years ago
There was money exchange for the purchase supllied by me, the property was purchase by llc and moved in . I paid over 50 percent toward the purchase of the property and now after 8 yrs the llc is wanting to take the unit back.
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago

Thank you for your reply.

If you invested the money into the purchase, what was your agreement with the LLC, since that is what is going to control here as I said above.

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Customer reply replied 2 years ago
There was no written agreement with llc . There was just a verbal agreement with ceo of the llc and exchange of money which I can show proof of money given.
Customer reply replied 2 years ago
I moved into the property 8 years ago I ,made repairs to it , rented out the other units . The corporation has been receiving rents for other unit. i have been managing the property up to last year when the corporation gave me notice to evict.
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago

Thank you for your reply.

If there was no written agreement, then you are a 50% owner if you can prove that you paid the money, which you say you can prove, then you have grounds to object to the eviction and take them to court for breach of the implied contract to seek to stop the eviction or force them to return your payment to you. If they are trying to or have evicted you, now is the time to get a local attorney to pursue your rights and recover at the least your payment to the LLC.

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Customer reply replied 2 years ago
Hello,
Thank you for your response to my question. Understand I have to sue for breach of contract but Is it unlawful for a LLC to evict me from the property deeded to itself even though I am invested in that particular property at 50 percent. The case is in municipal court right now. Would the Judge look at the rights of the LLC according to law and terms of ownership or would he consider that I am invested therefore dismiss case because it should not be in eviction court at all
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago

Thank you for your reply.

Just because you are an investor in a property does not translate to your right to occupy the property. It is no different than if you had invested in Disney, that does not entitle you to go to Disney for free. So it would come down to whatever agreements are in writing and if there are none, they would have to treat you like a tenant and even if you invested, you could be evicted from the property.

Your investment is a different thing and the terms of that investment would be based on your agreement with the LLC to invest and what you would receive for that investment.

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Customer reply replied 2 years ago
In terms of ownership, and control since i invested over 50% of funds, and work what entitlement are afforded to me. I ask the LLC to repay the my portion of the shares of the property , and if it refused so can I sue like a foreclosure because LLC has breach the verbal agreement which was to allow me to move into property , make it livable and manage it which I did for 7yrs which no pay, no return of my investment and the LLC gain revenue from the property and it did not forward any of the profit
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 2 years ago

Thank you for your reply>

This is why I asked you about written agreements and if you were an owner, you told me specifically "no" you had no written agreement and were not a member/owner of the LLC and just an investor. So even if you invested 50%, as an investor without any written agreement and without ownership, you really have no say in the company operations. You also cannot sue for foreclosure if your money was not a loan documented by a written loan agreement, as investing is a risk borne by the investor.

That is why I asked you above what agreements you had and you said none other than living there. So without any agreements and you merely invested, you would only be entitled to a return on investment when they sell the property and get any proceeds from the sale.

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Law Educator, Esq.
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