we own a 2 properties with another couple. One is a lot and the other a lot with a home on it. they want to dissolve the relationship so we offered to buy them out they are offering us 40,000 for the property with the home we offered to buy them out for $100,000 we cant agree. We believe that a house is worth what someone is willing to pay and they will not give us the house under any circumstances do we have any legal options?
2 Answers from Attorneys
Disclaimer: The materials provided below are informational and should not be relied upon as legal advice.
Are you equal partners with the other couple on each of the properties? Do you have any sort of a buy-sell agreement in place? If you do not have a buy-sell agreement, and cannot otherwise reach an agreement on a price to buy each other out, you can bring an action for partition by sale. Under partition by sale, the court will order the properties sold and divide the proceeds between you. You should consult your own attorney to protect your legal rights.
The usual, statutory way to end an unhappy co-ownership situation is through filing and serving a lawsuit requesting a court-ordered and court-supervised "partition by sale." Often, filing and serving a suit will prod the reluctant co-owner into negotiating in earnest, avoiding further legal expenses and achieving an out-of-court solution.