Best Way To Resolve Real Estate Disputes

Q: I’m in the middle of a nightmare real estate deal gone bad with several partners. One guy has threatened to sue. Do you think I should get a lawyer? Charlie, Westfield, NJ

A: Unless you are an attorney charging by the hour, the highest and best use of your time as a real estate investor is not in a courtroom. Whenever attorneys get involved in a partnership dispute usually all the partners lose more money at the expense of the attorneys involved and each attorney has a natural incentive to prolong the dispute so they can charge each partner more money rather than resolve things. Try to work out things between your partners or consider formal mediation–these are both generally cheaper, faster and easier ways to resolve a dispute. Getting attorneys involved should be a last resort if all other alternative solutions don’t pan out. Good luck, Charlie and thanks for your question.

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