- Joined
- Nov 19, 2007
- Messages
- 47
I`m in the process of terminating an Alberta JV Agreement with a REIN member.The original agreement (drafted by a recommended REIN lawyer... but tailored) states that there should be a 50% split of profit or loss during the relationship and at the close, too.QUESTION: Should this splitting of profit include 50% of the mortgage paid down?
I put in the money and hold title. And there was to be a caveat of the Original JV agreement put on the property.
Mortgage Paydown was not detailed in the JV.
Also, the JV states that I have first rights to "Purchase" the property or sell, transfer or assign, pledge, mortgage, hypothecate or in any way to convey or dispose of the property.... to another at fair market value.
QUESTION: Am I entitled to compensation for the loss in current market value by splitting the loss 50/50, since I will still be holding the property, rather that selling it.
Any thoughts? I`m thinking that according to the wording above, I am purchasing it from myself?
This will have been run by two different lawyers. One lawyer said that because I`m not selling it, I can`t claim compensation for reduced market value.
Thanks in advance for your input.
I put in the money and hold title. And there was to be a caveat of the Original JV agreement put on the property.
Mortgage Paydown was not detailed in the JV.
Also, the JV states that I have first rights to "Purchase" the property or sell, transfer or assign, pledge, mortgage, hypothecate or in any way to convey or dispose of the property.... to another at fair market value.
QUESTION: Am I entitled to compensation for the loss in current market value by splitting the loss 50/50, since I will still be holding the property, rather that selling it.
Any thoughts? I`m thinking that according to the wording above, I am purchasing it from myself?
This will have been run by two different lawyers. One lawyer said that because I`m not selling it, I can`t claim compensation for reduced market value.
Thanks in advance for your input.