If a property is owned by four people, and two of them want to sell the property but the other two do not, how can the situation be resolved
1 Answer from Attorneys
They have to sue for a "partition" of the property. This usually results in a court-ordered sale, which involves (a) the costs of the law suit; (b) the Realtor's commission; (c) all other expenses of the sale, including paying mortgages and other liens. By the time all of those costs are factored in, there may be little or nothing left to divide. It's in everyone's best interest to work out a settlement among the owners.
Another alternative is for the ones who don't want to sell to buy out the interest of the other owners. Unless there is a partnership or co-owners' agreement that spells out how the property will be evaluated for a buy-out, they will have to engage the services of appraisers. Again, this will cost everyone for the appraiser's fee and any recording fees and transfer tax.
These are not DIY options, but require the involvement of professionals - lawyers, appraisers, Realtors. Get representation by a lawyer first, to guide you through the process.
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