QUESTION: Aldrin, me and my business partner are the owners of a real property. We have built single family residences thereon for lease. The profits derived from the rentals are divided equally between us. My problem is, I have learned that my business partner executed a Deed of Absolute Sale in favor of a buyer without securing my consent and conformity. I’m not even made a party to this Sale. What should I do?
ANSWER:
The first step you need to do is to talk with your business partner.
Try to take a step back from your personal opinions and think about the facts.
Try to mend fences without personal confrontation.
Set a meeting with him so he can explain his side.
In the meeting, tell him that as a part-owner of the business, you are entitled to be informed of these matters.
Perhaps, his only plan is to expedite the sale transaction.
If this is the case, then you can simply reform the contract through our Courts. Another option is to execute an Amended Deed of Absolute Sale with you included as a Seller, if the buyer would agree to the expenses to be incurred.
Now, if his intention is to commit fraud and/or deceit, then that’s a different story altogether. One that would necessitate judicial relief through civil, administrative and/or criminal liability.
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