New York | Real Estate Law
12/01/05, 12:45 am
Legal Question
Conflict of interest
My partner and I bought a two family house in 2003. In October 2005, we agreed to sell it. There was an offer for 4% below the asking price. I agree, but he didn't. He said he's willing to sell for less than 2%. Market is volatile right now. We have a signed agreement stated, by January 2005, one of us has to buy the others part of the house, or else we sell it out at market price. In the agreement, we never discuss how long it can take to sell the house in the market. I am getting the feeling he is trying to delay. I feel if we delay further, our property value will go down.
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