What options do I have regarding selling my home if there is a co-owner?
Question Details: I'm in over my head financially with my home. However my son is on the deed and I would like to sell it but we are not on speaking terms. What options do I have?
The law provides the remedy of "partition", which is a legal tool employed when co-owners of property cannot agree as to ownership matters, including whether or not to sell. In a partition action, the court will order that the property be divided, if possible. If not, such as in the case of a single family house, then the court will order a "sale in lieu of partition". This means that the property will be put on the market for fair market value. When an offer is accepted and the sale completed, the proceeds will be distributed equitably to the owners. First, however, the party (or parties) who want to keep the property will be given the chance to buy out the other owners who do not want the property.