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One Owner Wants to Sell |
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hi edith, this is the situation:
house is co-owned (both names on lease). one owner doesn't want the house, but refuses to allow the other to buy out his share. insists that house be sold and gain be divided.
the other owner loves the house; is there any way he can buy the house? |
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Either owner has the right to go to court asking for an order of "partition" -- which is just what owner A wants, a public auction sale and division of the proceeds. At that point owner B, having previously arranged a line of credit, can go to the auction and bid in an attempt to purchase the property.
Such an arrangement seldom yields true value, involves legal costs, and of course will ruin the relationship, if that hasn't already been done.
Perhaps it's time for B to see a lawyer. |
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Edith
Originally published on April 12, 2008 |
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