How can we sell the house when 3 out of the 4 people on the loan want to sell but that one person refuses?
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How can we sell the house when 3 out of the 4 people on the loan want to sell but that one person refuses?
Hi, I’m in a home loan with my sister, mom and dad. They are behind three payments but the house has a good amount of equity, so my sister, my mom and I think it is best to sell, but my dad, who has been unemployed for 6 years refuses to sell. what are our options?
Asked on July 10, 2017 under Real Estate Law, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
When joint owners of property cannot agree as to ownership matters, the law provides the remedy of "partition". In a partition action, if a property can be divided equally, the court will so instruct. However, if division is impractical (as in the case of a house), then the court will order a sale with the proceeds to be equitably distributed. First, however, if any owner who wants to keep the property will be given the chance to buy out the other owner(s) for fair market value. Otherwise, it will be offered for sale to the general public.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
When joint owners of property cannot agree as to ownership matters, the law provides the remedy of "partition". In a partition action, if a property can be divided equally, the court will so instruct. However, if division is impractical (as in the case of a house), then the court will order a sale with the proceeds to be equitably distributed. First, however, if any owner who wants to keep the property will be given the chance to buy out the other owner(s) for fair market value. Otherwise, it will be offered for sale to the general public.
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