Ownership Issue

[hrtofgldd]

What is the name of your state? Nevada

I purchased 3 properties with another individual as partners. Due to financing issues the properties were solely purchased in his name with the agreement after close of escrow I would be "quick claimed" onto the deed. I wrote personal checks for half the earnest monies needed on each property and contributed in addition $23,000 from commission as a buyers agent for these properties (being a Realtor). Any excess reserve monies left (Approx $6500) is in a joint account we opened togther to make any repairs or mortage payments until the properties are rented. So far only one is. It has been between 45-60 days since closing and now the other party refuses to "quick claim" me onto title as agreed. He says he wants control of when and if the propeties are sold. I even offered to pay for an LLC to be set-up and adding me onto those documents in order to give me the right to 50% of the proceeds and also this would aviod transfer tax in leiu of the quick claim. I am more concerned over my half of the interest in the property's than when they are sold at this point. But he has refused to do this also. I am very concerned about receiving my portion of any proceeds from any sale of these property's. Which is half and is quiet a bit of money. Approximately $60,000. What are my rights if the property's were sold? Can I do anything to protect my interest? Please advise.

[divgradcurl]

Originally Posted by hrtofgldd

What is the name of your state? Nevada

I purchased 3 properties with another individual as partners. Due to financing issues the properties were solely purchased in his name with the agreement after close of escrow I would be "quick claimed" onto the deed. I wrote personal checks for half the earnest monies needed on each property and contributed in addition $23,000 from commission as a buyers agent for these properties (being a Realtor). Any excess reserve monies left (Approx $6500) is in a joint account we opened togther to make any repairs or mortage payments until the properties are rented. So far only one is. It has been between 45-60 days since closing and now the other party refuses to "quick claim" me onto title as agreed. He says he wants control of when and if the propeties are sold. I even offered to pay for an LLC to be set-up and adding me onto those documents in order to give me the right to 50% of the proceeds and also this would aviod transfer tax in leiu of the quick claim. I am more concerned over my half of the interest in the property's than when they are sold at this point. But he has refused to do this also. I am very concerned about receiving my portion of any proceeds from any sale of these property's. Which is half and is quiet a bit of money. Approximately $60,000. What are my rights if the property's were sold? Can I do anything to protect my interest? Please advise.

Talk to a lawyer. As it stands now, you really have nothing -- ownership is determined by who's name is on the deed. Oral agreements are generally insufficient to prove ownership interests in real property. Take whatever paperwork you have down to a local attorney, and see what he or she can do to help you.