I have a property in partnership can I rent it and get the full rented income?

Asked on June 28, 2009 under Real Estate Law

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The question you ask depends on many things and most importantly upon your agreement with your partner.  I am assuming  this is a property that was purchased for profit and not part of another set of circumstances between you and your Partner (like a divorce).  How have you and your partner divided the care and maintenance of the property? Are you both responsible for its upkeep?  I am venturing to guess that since you are asking the question you have no agreement that would make this issue clear.  Do not put your self in a position to be sued by your partner for what could be a very serious crime: taking half his/her money.  Sit down and decide how things are to be handled up front. And do it in writing to protect both of you.


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