Hi, I am in a crazy situation. I am/was involved in a property with my cousins. We decide to buy a property 3 years ago when housing was doing well.
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Hi, I am in a crazy situation. I am/was involved in a property with my cousins. We decide to buy a property 3 years ago when housing was doing well.
The agreement was that we would buy this property & turn around & flip it & sell it within 3 to 4 months. Once we finished flipping the property around he decides that it would be best for him to keep the property and rent it out. I let him know right from the beginning that I was not for that. He said that he would buy me out. But he never did buy me out he would always have an excuse. The property is not under my name. I didn’t really have a say. My cousin loss his job. I felt bad for he so i started to help him out w/ payments, When i couldn’t help out anymore he now wants to sue me?
Asked on May 19, 2009 under Real Estate Law, California
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
If you are not the owner of the property and are not on the title, your cousin has no right to sue you as any payments you made were out of the goodness of your heart. You did not assume a responsibility to pay the mortgage. Furthermore, i am not sure what kind of partnership you have based on the facts. What were your responsibilities as partner? were you supposed to pay? i woul dned to know more facts here, but if he contibuted to the business by paying for the property and then you have now failed to contribute, he may have a claim. I suggest putting the property on the market and in the meantime, do an accounting as to who has paid what so that you are contributing equally to the partnership property. The fact that you do not have your name on the property sounds weird. Are you incorporated? whose name is the property in? I would need to know more.
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