I have a property in partnership can I rent it and get the full rented income?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

I have a property in partnership can I rent it and get the full rented income?

Asked on June 28, 2009 under Real Estate Law

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 14 years ago | Contributor

The question you ask depends on many things and most importantly upon your agreement with your partner.  I am assuming  this is a property that was purchased for profit and not part of another set of circumstances between you and your Partner (like a divorce).  How have you and your partner divided the care and maintenance of the property? Are you both responsible for its upkeep?  I am venturing to guess that since you are asking the question you have no agreement that would make this issue clear.  Do not put your self in a position to be sued by your partner for what could be a very serious crime: taking half his/her money.  Sit down and decide how things are to be handled up front. And do it in writing to protect both of you.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption