If I want to sell 1/3 interest of real estate properties but partners do not, can I force a sale or force them to pay me my 1/3?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I want to sell 1/3 interest of real estate properties but partners do not, can I force a sale or force them to pay me my 1/3?
The property consists of acreage and a home.
Asked on December 26, 2017 under Real Estate Law, Texas
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Absent a partnersip to the contrary, when owners of property cannot agree as to ownership matters the law provides a remedy. It is called "partition". In such an action, the court will either stipulate that the property be equally divided, if possible. If not, then it will be ordered to be sold, otherwise known as a "sale in lieu of partition". Under such a sale, the proceeds will be equitably distributed, however first any owner who wants to retain the property will be given the right to buy out the other owner(s) for fair market value.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.