REAL ESTATE PROPERTY DISPUTE SETTLED
When two owners of a million dollar rental property were in a dispute over their respective shares of net income from the property, one of the owners called upon corporate and tax attorney Robert Schwartz for representation. Bob knew that a partition lawsuit would likely result in a court ordered sale of the property, a sale that would be favorable to his client. But he also knew that a lawsuit would involve sale-timing issues of possible great detriment to his client and very difficult issues over how the net sale proceeds would be divided.
The ownership arrangement was not a simple 50-50 split of all income, gains, expenses and losses, nor was there a written agreement among tenants in common. Bob advised his client to work with her capable CPA to negotiate a sale and settlement instead of pursuing costly litigation.
In the end, Bob represented his client in the negotiations as the other co-owners sought legal counsel to assist them in negotiations. Ultimately, litigation was avoided, but only after Bob's client filed, though she did not need to serve, the complaint. The parties reached a deal that helped them timely sell the property this past June at their asking price. Bob's client avoided the greatly more substantial fees she would have incurred had the partition lawsuit gone forward.
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