What to do if 1 co-owner wants to sell their share of a property but the other co-owners are unable to buy them out at this time?
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What to do if 1 co-owner wants to sell their share of a property but the other co-owners are unable to buy them out at this time?
Myself and 3 other brothers are “snowbirds” who own a vacation property. Can he sell his share to an outsider without our approval? If he refuses to pay his share of the expenses ( taxes, insurance, power, etc) can he lose ownership of his share to the three other owners? We have no contracts or agreements regarding the selling or one’s share.
Asked on July 17, 2012 under Real Estate Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
The answer to your questions would depend on how ownership of the property is held and state law. Dies the deed say "rights of survivorship" then may be not. If you are all just tenants in common then maybe yes. Speak with an attorney and your brother about what he intends to do and take it from there. Maybe you can buy him out. Good luck.
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