Helping 20 Million Americans a Year for 20 Years. FREE!
How Can We Help You?

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential

Need help on real estate buy out

Question Details: I purchased a forclosed home with a business partner almost a year ago. The home required renovations which my partner and I completed, bringing the assesed value of the home up $68,000 from it's assesed value when purchased. Originally, we planned on renovating the home and renting it out for a monthly profit to both parties involved however since the renovation has been completed my partner wants to "buy me out" of the property to own and live in the home himself. What is the proper way of coming to a "buy out" price in this case? If we cannot agree what are my options?

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 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.