Your lawyer is going to need to ask you for a lot more facts. For example, who occupies the property? Do the occupants pay rent? Who collects the rent and pays other expenses, besides the property taxes you pay? How are the net profits shared? Is there any written agreement among the owners? Do you believe there were any oral agreements between you and any of the other owners? How did each of you acquire your ownership interest in the property?
In the event of a lawsuit, the winner is NOT entitled to recover reimbursement for nlegal fees as part of the judgment. Usually, these cases become complicated, with 10 years of facts, 10 years of ncome and expenses, and 10 years of grievances and complaints. Personal disputes not involving the property get added. Legal fees can soon exceed the amount actually in dispute.
The lawsuit would be for an accounting, which would end in a judgment evening up what everyone has received so far, and setting rules for how to manage the property in the future. Someone might add a demand for partition, requiring that the property be sold, the net proceeds distributed, and any accounting matters equalized from the proceeds of the sale. This also is expensive litigation, usually including appointment of a private referee paid for by the parties, and expert witnesses. In the end, many potential buyers won't want to get involved, which will lower the sales price below what it would be without the lawsuit.
For all these reasons, lawyers usually can persuade the parties to do the right thing and avoid all the attorney fees.
Dana Sack
Answered on Jun 29th, 2017 at 10:17 AM