legal assistance on title ownership (banks, property, attorney, contract)

[azmiracle]

[SIZE=3]My partner and I bought a house 6 months ago, and wanted to flip it for profit. I spent 113k on buying property, and he spent 4k on buying property. We have a business contract to declare our purpose(flip to make profit), responsibilities(he is responsible for most remodeling job), how much money we put on the property. His name is also on the title, and the title type is joint tenancy. [/SIZE]
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[SIZE=3]Now he is in deep financial trouble in his own business and life: he owns 3 creditors about 100k. What he wants to do is to give his partial ownership to his creditors to try to waive his debt. [/SIZE]
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[SIZE=3]My questions are: [/SIZE]
[SIZE=3]1. Can he transfer his partial ownership to other party without notifying me? [/SIZE]
[SIZE=3]2. And if his creditors, which are banks, will take his ownership share without notifying me? [/SIZE]
[SIZE=3]3. Will his creditors take any legal actions on his equities without notifying him? (like freeze this house, not allow the house to sell)?[/SIZE]
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Thanks so much.

[rjrcm]

You need an attorney to review your contract and answer your questions.

[MikeJaquish]

Originally Posted by rjrcm

You need an attorney to review your contract and answer your questions.

Yes, indeed. There is no other right answer.

[Silverfall]

Originally Posted by MikeJaquish

Yes, indeed. There is no other right answer.

Yep, third this. You need to contact a business attorney who can look at the contract you created. We can't help you with this one here.