Hi Fellow Forumites,
I own a property as part of an informal partnership. I was wondering if I can sell my stake in the property if the other party (both individuals) wants to keep theirs?
Liquidating your interest in a partnership depends on the provisions of the partnership agreement.
If you do not have a partnership agreement in place, or a document outlining your interest in the property – in respect to a partnership, then you are solely reliant upon the other parties willingness to sell.
Either way, you should speak with a qualified lawyer.
There is no such thing as an “informal partnership”.
— Michael
Ok, thanks Michael.
Informal partnership simply means there is no additional formal agreement, only what is provided by law, so in this case I would be dependant upon the other party willing to sell.
banderos, in this situation you are limited to whether the others wish to sell as well, or if either or both are willing to buy you out for an agreed price (less their new costs perhaps?)
Cheers
Melare you joint tenants or tenants in common? make sure you appreciate the difference.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
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