If my boyfriend and I own a condo and I’m looking to end our relationship for numerous reasons, what happens to the house?
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If my boyfriend and I own a condo and I’m looking to end our relationship for numerous reasons, what happens to the house?
We bought the condo about 3 years ago. My mom paid for the down payment and fees, totaling about 25k. I know he won’t leave willingly. At this point, I don’t mind if he buys me out or if we sell it. The problem is I do not believe that we could come to a decision without the courts. What is the best course of action? Also, if I leave for a few weeks does that look bad on my part? I honestly have no idea as far as what is the first step to take.
Asked on September 25, 2017 under Real Estate Law, New Jersey
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
If your boyfriend will not sell or buy you out, then as a co-owner the law provides you with a remedy. it is called "partition". In such an action, the court will order that the property be divided, if practical. If not, such as in the case of residence, then the court will order a "sale in lieu of partition". This means that it will be offered to the public for sale and the preceeds will be equitably split. First, however, any owner who wants to keep the property will have the right to but out the other owner for fair market value. At this point, you should consult directly with a local real estate attorney who can best advise you further.
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