I have an investment property I'm the only one on the note when we purchase the property our deed is drawn

Jennifer
Home Seller
Wailuku, HI

1% interest my name and 99% interest on my partner. If the lender decided to give us 1099d (after the whole process) can I pursue the 99% with my partner? I believe they signed something with the lender although they're not on the note?

Answers (1)
FIRST ANSWER

Aloha Jennifer,
Some of the reasons you need to take the situation to an attorney would be a determination of what the relationship was when set up, what the inducements were and by whom, were these inducements relied upon, were the false and did the proponent have or could have had a reasonable opportunity to discover they were false. Where was the relationship established (Hawaii or on the Mailand), When was it established, were any of the parties domiciled in a community property State and, if so, were community funds pledged by both spouses or just one? Was this to be a valid gift? Was ther over-reaching? Did either party consult an attorney or CPA and rely on the professional's advice?

Is this a "distressed property" under Act 137? If so, only a few classes of professionals can give you the advice you may need. At this time, Realtors are not in that class.

I could go on, but you should be seeing by now that this matter is far too involved to get an off - the - cuff answer. Take this to a good lawyer.

BTW, I am an attorney but don't practice law in Hawaii. Good luck in sorting this out.

Walt Berhalter, RB Century 21 All Islands, Education Director
walt.berhalter@hawaiimoves.com

Mon Feb 23 2009, 16:09

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