Legal Question in Real Estate Law in Illinois
property settlement
two people bought a house together and are not married.
both are on the contract, they are no longer togather
how is this splitup.
2 Answers from Attorneys
Re: property settlement
You will have to either sell the house and split the profits or one will have to buy the other out. If one cannot afford to buy the other out and the other does not wish to sell, the courts may force a sale depending on how the house is owned - e.g. tenants in common, joint tenants, etc. Sometimes it is possible to even sell one's interest. It all depends on how agreeable you both are to settle the matter!
Re: property settlement
You may have a problem. You didn't say if you have closed on the property (but assuming you have) usually in this situation it is better for one person to buy out the other. I'll need more details for a better answer. Feel free to contact me at 630-790-6579. I'm close to Naperville. JJL
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