JV - who has the power to sell the property later on?

cynthia · 01-10-2010, 01:13 PM

Hi, all,

Currently I am thinking to go into a JV with a partner, as I provide finance, so I will have mortgage and property on my name, and we share 51/49. My question is in the future if I want to sell the property, should I have to get my partner's permission? Surely we should decide before we come into the deal, but no one knows what future market is. As my money will be put in the deal, so I might need to take the money out and do other deals which might give me much better return.

Any idea or advice will be appreicated!

Cynthia

The future belongs to those who believe in the beauty of their dreams.

Parmdeep Vadesha · 01-10-2010, 01:26 PM

Hi Cynthia,

You can do what you like if it's in your name. You need to put together a joint venture agreement between you both that describes what happens if x happens, or y happens. For example, you want to sell sooner than anticipated or you want to refinance or the partner wants the money back sooner than you do. If your partner wants a restriction or charge secured on the title of the property then you will be restricted on what you can and cannot do because when you come to sell the restriction or charge will need to be sorted out first

cynthia · 01-10-2010, 01:41 PM

Many thanks, Deep, see you this Saturday!

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