Can I force the sale or consider being bought out of the joint property without joint approval?
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Can I force the sale or consider being bought out of the joint property without joint approval?
Asked on January 28, 2013 under Real Estate Law, Wisconsin
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
In a case where co-owners cannot agree a to matters of ownership, the law provides a remedy. The legal tool of "partition" can be employed is such a situation. Once a suit has been filed with the court, a judge will either or a partition (i.e. division) of the property if that is practical (as in the case of raw land) or where partition is not possible (as in the case of a single family house), a "sale in lieu of partition" will be orderd.
Pursuant to the latter, the property will first be offered for sale to the party seeking to keep the property. If they cannot afford to purchase it, then the property will be offered to sale to the general public. Once it is sold, the proceeds will be equitably distributed to the owners.
You should be aware however, bringing a partition action can be expensive and time-consuming. It is always best to first try to resolve the situation between the owners directly.
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