Q: How can I ask the court to stop a real estate deal that my business partner is doing from happening?
My business partner and I were to buy a real estate property in seattle. we have a detailed contract between us. However, he has formed a team with 3 other people and is now buying that property. I would like to send a letter to the bank, my partner and the seller that my partner is violating the terms of the agreement and that I will pursue legal action.
However, I would like this to happen through a court -- i.e something like a stay order stopping the parties from executing a deal until the legal matter is resolved.
I would appreciate any advise you can share on how to ask the court for such an order
Thanks
A:
You need to speak with a local attorney that can analyze your situation and provide you with legal advice. When you meet with an attorney, you would need to have with you all documents executed between you and your partner. Did you form a partnership? a limited liability company? a joint venture? Was this "partnership" formed for the sole purpose of purchasing the real estate in question? Is your partner buying the property under the name of the legal entity you formed or under another name? Why would you contact the bank? Is this bank financing the purchase and are you a borrower or guarantor under the loan?
There may be ways of stopping the purchase of the property or a cause of action later on for loss profits or other type of claim. At this time, you must collect all the documentation you have in relation to the purchase of the property and the "partnership" as well as any documents reflecting how the bank is involved (were you already approved for a loan?). Your attorney would be able to discuss with you your options, prepare written notices to the parties involved, if applicable, or file a case in court if appropriate.
Good luck.
My response provides only general information and is not intended to provide you with specific legal advice, nor create an attorney-client relationship. You should not use or rely on this information without first consulting with your own lawyer and discussing your specific facts and available options in detail.
Anthony M. Avery agrees with this answer
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