my partner in a real estate venture in pureto rico can't afford his half of the mortgage payment. I have paid the full amount for the past two months and it sounds as if I will be paying the full amount for awhile. What are my options?
1 Answer from Attorneys
As a co-owner, you are entitled to exit this ownership relationship at any moment you wish. You can either request that your partner acquire your co-owned portion of the property, or you can pay off your partner and retain full ownership of the property yourself. Each mortgage payment that you pay in full is accredited to you, and you may request this credit from your partner at any moment.
If your partner declines to your wishes to acquire sole ownership of the property, your only option is to file a community property division lawsuit, and compel him through a court ordered division.
If you have any additional questions, please feel free to contact me.
Lcdo. Christian M. Frank Fas
Attorney at Law | Abogado
Christian M. Frank Fas Law Offices
530 Ave. De La Constitucion
San Juan, PR 00901-2304
Telephones | Teléfonos
U.S.A. & PR: 1.877.PR.CIVIL
Puerto Rico: 787.301.0101
DISCLAIMER: Please bear in mind that all the information contained in this message, does not constitute legal counsel as of yet, and is purely for your information. Asking for any additional information or questions pertaining this legal matter has not created a legally binding Attorney-Client relationship, or a contractual relationship for your legal representation, until you have completed a Legal Representation Contract with us and we have accepted a retainer or deposit to initiate any legal proceedings.