Ifseveral siblings own a condo and all want to sell except one, how do the remaining siblings go about selling?
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Ifseveral siblings own a condo and all want to sell except one, how do the remaining siblings go about selling?
Asked on June 6, 2011 under Real Estate Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The siblings who want to sell have the right to pursue the legal remedy of "partition". This is an action available to co-owners of property when they cannot agree as to whether or not to sell the property. A partition allows for the division of property among co-owners if the property can be physically divided. However, where division would be impracticable (as in the instance of a single family house or in this insatance a condo) a judge would order a sale in lieu of partition and an equitable division of the proceeds among the co-owners. Before doing so however, the court would permit one co-owner to purchase the interest of the remaining co-owner at fair market value.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
The siblings who want to sell have the right to pursue the legal remedy of "partition". This is an action available to co-owners of property when they cannot agree as to whether or not to sell the property. A partition allows for the division of property among co-owners if the property can be physically divided. However, where division would be impracticable (as in the instance of a single family house or in this insatance a condo) a judge would order a sale in lieu of partition and an equitable division of the proceeds among the co-owners. Before doing so however, the court would permit one co-owner to purchase the interest of the remaining co-owner at fair market value.
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