Question by Raymond:
I purchased a property (4 family house) in New Jersey, I live in New York. The person who set up the deal stated he would do all the work in the house which had been empty for about 2 years. He also stated he would pay the mortgage until the house was rented out. He has kept that end of the bargain but, this deal took place in August of 99, as of today he has not completed any of the work. I feel I have no recourse because there is nothing on paper as far as an agreement. Is there anything I can do except wait?
Answer By William Bronchick:
I assume the person who "set up" this deal is not an agent and intended to be your partner. As a legal matter, this informal agreement is a partnership. As a practical matter, the person who holds title is in control. If you bought the property and have title in your name, you can muscle him out. He would have to sue for a partnership dissolution, assuming he could prove that such an agreement existed.
Disclaimer: The foregoing is not intended to be given as legal, financial or tax advice, but intended for instructional use only. If you require legal, financial or tax advice you should seek the assistance of a qualified professional.
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