Q: Can partial owners of a property force a sale by all parties if they represent the majority interest?
A:
Dear Partial Owner Real Estate Issue: An attorney would need more information to properly respond. However, generally speaking if you're inquiring about an LLC and if that LLC has a "majority vote" mechanism to authorize the sale of real property held by the LLC, then this is the analysis: (1) if the LLC notified all members of a Special Meeting, and (2) a quorum was present at the noticed Meeting whereby the majority properly voted their shares, and (3) that vote was properly memorialized in a set of Minutes properly signed by an officer/manager, then (4) the majority would have the right to vote in favor of a sale of the LLC assets (including real property).
JIM GREER is an attorney licensed to practice in CO and CA and has specialized in real estate transactions for the past 30 years; nothing herein shall be construed as the offering of legal advice insofar as Mr. Greer is not in an attorney-client capacity with the inquiring party.
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