Many Texas properties are owned by two or more parties s tenants in common. Ownership rights of a property and the parties typically have an equal say in the management of the property. In another state, property developers who share ownership of a building with the owner of a world-famous gourmet grocery store have filed a lawsuit. The real estate dispute arose when the owner of Zabar’s refused to discuss the possible redevelopment of the co-owned building.
The two entities have shared ownership of the building as tenants in common since the 1980s. Zabar’s is a gourmet food emporium across the street from the building. Friedland Properties recently developed another building in the area and wanted to discuss the possibility of launching a similar project for the building they co-own with the Zabar family.
Developers are asking the court to order a sale
Friedland decided to litigate the issue, claiming that the Zabar family is being unreasonable by refusing to even discuss the possibility of redeveloping the building. As plaintiffs, they have requested that the court order a sale of the property, though they are not asking for a partition of the property. Rather, they seek to have the property sold on the open market, with the net proceeds then divided between the tenants in common.
Know your potential remedies
In Texas and elsewhere, commercial real estate is a complicated area of the law. Before moving ahead with the purchase of a particular real estate parcel, an experienced attorney can help define the ownership rights and address any potential concerns regarding the use of the property. A lawyer can help to protect a client’s short and long-term interests, and in the event of a disagreement with one or more co-tenants, can recommend the best course of action to resolve a specific issue.