Hi folks. Just got a simple question. Done a jv about a year ago for a huge reno. We went in 30/70 Im the 30% due to lack of funds at the time. Circumstances have changed and other partner is now presuring to sell. I cant afford to buy out We're still very amicable I dont want to sell. Do i have to sell? If selling . have to pay selling costs . and if i wanted to buy back in. its expensive
This is something you should have figured out before you went into the JV agreement. Are you in a position to buy out the partner?
What do you mean by JV? If you are joint legal owners then you can't sell without both signatures. If you both cannot agree one of you can apply to the courts to have the property sold - under s66w conveyancing act if NSW. I have written a legal tip of this.
Ahhh partnerships. There is a book on why not to do that. 100% liable for 30% interest or is it having 70% interest for 100% liability. Sometimes its 0% interest for 100% liability. And no ability to tie-break a deadlock decision. You cant afford to buy the 70% and they want out. In the old days that meant you need to sell, since you cant afford to buy them out.