What to do if co-owners of real estate won’t sell?
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What to do if co-owners of real estate won’t sell?
I co-own a house with 2 other people. I can’t afford the house any more and am willing to sell. They are not. I am willing to foreclose. They are not. They offered to buy me out if I pay them 60k. They are living in the house. I am not. They threatened to garnish my wages if I stop paying. What can I do? I feel trapped.
Asked on January 9, 2011 under Real Estate Law, Washington
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The law provides a remedy for such a situation 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 practicable. However, this is a single-family home, so physical division won't work. Therefore, a judge would order a "partition by sale".
Once the property is sold, the proceeds are equitably distributed to the owners. Although 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.
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