What to do with real estateif one co-owner wants to sell but the other does not?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do with real estateif one co-owner wants to sell but the other does not?
I own a condo with my ex-partner. We are on an adjustable rate mortgage and have past our 5 year arm. We have not refinanced because my ex-partner has ruined his credit and our unit has slightly depreciated (or we are even in price). I just want to know my rights.
Asked on January 31, 2011 under Real Estate Law, District of Columbia
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The law provides a remedy for a situation such as this. In cases where joint owners cannot agree on whether or not to sell a piece of real estate, the party seeking the sale can go to court and file an action for “partition”. A partition can be accomplished by physical division, if possible. However since this is a single-family home physical division isn't practical, accordingly a judge would order a "partition by sale". Once the property is sold, the proceeds are distributed equitably to the owners.
Note: Before a sale would be ordered, typically the court would permit the non-filing co-owner(s) to purchase the interest of the remaining co-owner for fair market value.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.