My brother and I own property as tenants in common. He wants to sell the house that I live in. Can he file for a land partition?
2 Answers from Attorneys
Yes. Alternatively, you could agree to buy his share.
He can try to sell his share, which is unlikely. Most purchasers will not want to co-own a property unless it would be, perhaps, another relative.
Since selling is unlikely, absent cooperation, his remedy would be judicial partition. If the property can be literally divided, then partition means doing just that. Since in many cases it is not reasonable to divide the property, say a single-family home on a standard lot, the alternative is for the court to order a sale.
If the sale is inevitable, I suggest you all save time and expense by giving in to a solution. Either, you can agree to sell and get the most for your money or you can try to work out a buyout. If you can finance it, you can buy him out. If you cannot finance it and he does not have an immediate need for his cash out, then maybe you can work out an installment plan.
An important question that impacts each of you, is there any equity in this property. If not, then he may be best off holding off or working with you on a plan for your purchase. Otherwise, a short sale would be needed, which benefits him only in getting him off the loan.
It would be highly recommended to be counseled through this process. Much of it can be handled by phone, E-mail and fax.
Related Questions & Answers
My uncle has been named executor over the building I reside in. We have a lease but... Asked 10/21/13, 2:42 pm in United States Illinois Real Estate and Real Property
How long does it take for a mortgage company to send a letter of release? I recently... Asked 10/21/13, 11:40 am in United States Illinois Real Estate and Real Property
Hi. in 2008 i was in a bad mortgage and got forclosed on i saved/borrowed 20.000 for... Asked 10/16/13, 4:06 am in United States Illinois Real Estate and Real Property
I have a friend who lost her house due to forfeiture stemming from her husband being... Asked 10/15/13, 10:01 pm in United States Illinois Real Estate and Real Property
Hello, My house is currently listed for sale. Unfortunately, due to an extreme... Asked 10/14/13, 9:17 am in United States Illinois Real Estate and Real Property