Legal Question in Real Estate Law in Florida
Residential Ownership Dispute
Two seperate parties purchase a home togther. Each owns 50/50. The ''frienship'' has been broken and both parties wish to keep the residence. If one person is able to qualify to assume the loan on their own and the other cannot qualify and the case goes to court, does the party that is able to qualify for the loan have rights to keep the house against the other parties wishes or will the house be forced to be sold?
What if both parties are able to qualify for the assumption loan?
Thank you very much!!
1 Answer from Attorneys
Re: Partition of jointly-owned property
If joint owners of real estate are unable to agree on its use the only remedy is for one to sue for partition. Following partition, the house will be sold by court order and the proceeds divided. Either joint owner is allowed to purchase the property at a partition sale, but all the expenses of suit and sale are added to the sale price.
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