Rights and legal requirements to settle ownership of a house with someone who moved out and wants equity money or is threatening to force sale.
Question Details:
The person that I own my house with moved out in November. I still live there and have been paying the bills since. She told me she wanted me to refinance and give her $20,000 of equity. Since I have not yet done so, she says she has an appointment with a lawyer and is going to force me to sell the house. She also says that I would have to move while the house is on the market. I need to know if she can legally do this? Also, what are her rights to get equity money from the house?
Real Estate Law Answers
The law provides an equitable remedy known as "partition". This is a term meaning the division of property among co-owners. Real property held by co-owners as a tenancy in common or a joint tenancy may be partitioned.
If a property can be physically divided the Court will so instruct. However, here division would be impracticable since we are dealing with a single family dwelling. In this instance, the Court will either (1) order a sale of the property and an equitable division of the proceeds among the co-owners; or (2) order a partition which would permit one co-owner to purchase the interest of the remaining co-owner instead of a physical division of the property or a court-ordered sale.
Related Real Estate Questions
- Home Equity Distribution During Divorce
- Lien On or Off? Buying Foreclosed Property That Has a Judgment Lien
- When I got married, I moved into my wife's house. We are now getting divorced and I want to keep the...
- What should I do if a subcontractor (plumber, painter, etc) threatens to sue me or file a lien on my...
- How much of my home and home equity is off-limits to creditors under the bankruptcy law?
Didn't find your answer? Ask.
Top Ranking Attorneys
- Hong Shen207 Answers|Points 10350Gold Contributor
- Joseph Gasparrini46 Answers|Points 2200Bronze Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga78 Answers|Points 3850Silver Contributor
- Shawn Jackson17 Answers|Points 850Bronze Contributor
- Glenn M. Lyon, Esq.27 Answers|Points 1330Bronze Contributor
- Hong Shen207 Answers|Points 10350Gold Contributor
- Kelly Broadbent81 Answers|Points 4000Silver Contributor
- Russ Pietryga78 Answers|Points 3850Silver Contributor
- Sharon Siegel62 Answers|Points 3090Bronze Contributor
- Michael D. Siegel56 Answers|Points 2750Bronze Contributor
- Paula McGill50 Answers|Points 2500Bronze Contributor
Are you a lawyer?Want to be featured here? Sign up for a free profile and get started today! Click Here
More Questions Like This...
 |