Discussion:Partnership Trying to Sell its Real Property
From TaxAlmanac
Discussion Forum Index --> General Chat --> Partnership Trying to Sell its Real Property
| 2 June 2009 | |
| Hypothetical client is a partnership who wants to sell a piece of real estate. Problem is that the deed lists the original five members of the co-partnership, four of whom are dead and one incapacitated. No original partnership agreement.
The title company won't allow the sale by the new partners since they aren't on the deed and the partnership isn't named either. It's partnership property, but any ideas on how to get the sale done? Thanks in advance! | |
| 2 June 2009 | |
| Uh, guess you'll have to hunt down heirs and start getting Quitclaims...
Isn't that what the title company said? Perhaps the incapcitated guy has a guardian, and he can execute a QC for that one. A partnership at common law is nothing more than an association of individuals. Your state's statute should mirror that. Frankly, it should have dissolved each time a partner died... we don't need to get into the history of that here.
May end up with an experienced real estate attorney to get it cleaned up. | |
