QUESTION
If I own a commercial property with a friend and we want to sell. Can we sell with only one of us signing off on the property?
Asked on Mar 15th, 2023 on Real Estate - Michigan
More details to this question:
A friend and I purchased a commercial property together. It is all wooded. We decided to sell the property, however realized there is a provision to clear the land in the agreement. we did not realize the buyer added this. We now want tout of the deal. My friend already signed off on the agreement. I did not. Are we legally bound to this agreement even though I did not sign? Is there anything we can do to break this agreement? We do not want to pay 20k or more to clear the land.
1 ANSWER
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the buyer might be able to sue for specific performance and you might have to sue to rescind the agreement but your first step is to tell the buyer the price for your signature on the contract is an increase in the price to cover clearing. note, depending on the land, the timber might be worth something so you might want to be sure that, if you clear it, those proceeds are yours.
you are probably best served having a lawyer write the letter demanding rescision or increase
good luck
Answered on Mar 16th, 2023 at 7:23 AM