Can I sue my business partner for deliberately selling the house for under market value to block me out of the deal? 1 Answers as of October 06, 2015

Six months ago, a business partner and I purchased a single family house for $75,000 with the intent to fix and flip the home. We had estimated rehab costs to be $30,000 and we could sell the house for $175,000, resulting in an estimated net profit from the sale to be $40,000. We had agreed to split the profits 50/50. Before the rehab phase began, we got into some disagreements and my partner had sold the house at cost to another party. Not at the as-is value of the house of $95,000 but at the cost of $75,000. He did this without my knowledge and without my consent. He deliberately sold the house for under market value to make a quick sale and to do so before I had time to figure out what was going on. Can I sue my business partner for my anticipated share of the net profit for deliberately selling the house for under market value to block me out of the deal?

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Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
There may be valid claims but a lawyer has to sit down and evaluate the facts. Your question makes assertions about motives of others that have to be proven at trial.
Answer Applies to: Illinois
Replied: 10/6/2015
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