So my parents got divorced. My dad is a real estate developer, so he has a lot of property, so my mom was entitled to some of it.
Now during this divorce she was given a hotel in which he my dad owns 80% and another partner owns 20%. My dad ran the motel for 8 years, and kept all profits and paid all expenses, basically he did everything the other partner did nothing, and was never asked too. My dad then leased the hotel to the other partner for 5 years at a lease amount of one dollar a month. He basically gave it away because he didn't have time for it. Now my mom got this property in the divorce settlement and plans to go back and run it when the five year lease is up.
The other partner claims he signed a form with my dad saying that at the end of his five year lease he would purchase the 80% from my dad. My dad claims there is no such letter he never signed anything like that etc. My mom refuses to believe any type of paper exists, and the other partner mailed her the document he was talking about.
What has ended up happening is there is a document 1 which says partner A will transfer his 80 shares to partner B, while B transfers his 20 to A. This document 1 has never been signed though. After this, there is a document 2 and it mentions that the joint corporation of partner A and B is interested in selling the property. It does not mention to who the property will be sold to or at what price, and then it goes on to say that this document 2 also secures any previous agreements made. This document 2 is signed by both partners.
Now, document 2 does say that by signing it, all previous agreements are secured, but is the document 1, which talks about transferring shares considered an agreement even though it is not signed?
The other partner also claims that in the original contract signed when the property was purchased, it said that neither partner is allowed to transfer their shares in the property to anyone else and if they do those shares default back to the other partner. Basically meaning that since my dad transfered his shares in the property to my mom because of the divorce, the other partner now has all the shares to this property.
We looked up this section in the original contract and it says that shares cannot be transferred from one partner to someone else without the other partner's consent. But the other partner had to sign off on this transfer, and he did, obviously giving his consent.
My mom has the certificate with her shares and all that.
What is the deal here? I can scan and post the exact documents I'm talking about if needed, but what do you guys think? Will she be able to get the property back?
Now during this divorce she was given a hotel in which he my dad owns 80% and another partner owns 20%. My dad ran the motel for 8 years, and kept all profits and paid all expenses, basically he did everything the other partner did nothing, and was never asked too. My dad then leased the hotel to the other partner for 5 years at a lease amount of one dollar a month. He basically gave it away because he didn't have time for it. Now my mom got this property in the divorce settlement and plans to go back and run it when the five year lease is up.
The other partner claims he signed a form with my dad saying that at the end of his five year lease he would purchase the 80% from my dad. My dad claims there is no such letter he never signed anything like that etc. My mom refuses to believe any type of paper exists, and the other partner mailed her the document he was talking about.
What has ended up happening is there is a document 1 which says partner A will transfer his 80 shares to partner B, while B transfers his 20 to A. This document 1 has never been signed though. After this, there is a document 2 and it mentions that the joint corporation of partner A and B is interested in selling the property. It does not mention to who the property will be sold to or at what price, and then it goes on to say that this document 2 also secures any previous agreements made. This document 2 is signed by both partners.
Now, document 2 does say that by signing it, all previous agreements are secured, but is the document 1, which talks about transferring shares considered an agreement even though it is not signed?
The other partner also claims that in the original contract signed when the property was purchased, it said that neither partner is allowed to transfer their shares in the property to anyone else and if they do those shares default back to the other partner. Basically meaning that since my dad transfered his shares in the property to my mom because of the divorce, the other partner now has all the shares to this property.
We looked up this section in the original contract and it says that shares cannot be transferred from one partner to someone else without the other partner's consent. But the other partner had to sign off on this transfer, and he did, obviously giving his consent.
My mom has the certificate with her shares and all that.
What is the deal here? I can scan and post the exact documents I'm talking about if needed, but what do you guys think? Will she be able to get the property back?
