Can my partners sell our property for less market value?
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Can my partners sell our property for less market value?
We are three partners, two of them wanted to
get rid of me and we have a property to sell so
I’ll take my share and leave. But just to give
me so little they wanted to sell their friend for
much less than its market value.
What are my options here? If I find someone
gives much more than their guy offers can they
still sell it to their guy?
Because they are two and I’m only me.. Thank
you.
Asked on April 10, 2017 under Business Law, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
I am so sorry for your loss. It certainly sounds like they are trying to give you the bum's rush. I urge you to take a deep breath and stand your ground.
First, if you inherited the partnership the absolute thing you must do is read the agreement. If a vote is required make sure it is not a majority vote, becuase you would lose out there. But if it is then maybe you need to go in to court to enjoin them (stop them) from trasnferring any assets below market value. I know you say that you can not afford a lawyer but what most people do not realzie is that you can sometimes see a lawyer and pay them a flat rate (sometimes their hourly fee) to read the agreement and advise you. If you have the knowledge behind you to fight them they may back off.
Now I understand that you may not want to actually fight them in court. But the advice from an attorney will give you bargaining pwoer. Look to see if the agreement states that disputes must be submitted to mediation or arbitration or if legal fees can be awarded.
If you can legally list the property as well and find a higher buyer then you also have ammunition. Good luck to you.
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