What happens in a co-owner buy-out of real estate?
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What happens in a co-owner buy-out of real estate?
We currently co own a 6 tenement apt building and have asked for the other party to buy us out. We are trying to buy our own home. He says he will buy us out, but not until all units are rented. How long does he have to buy us out and are we still responsible to paying insurance and taxes?
Asked on February 10, 2011 under Real Estate Law, New Hampshire
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I think that you may need to seek legal help with all of this and I would strongly suggest that you do so soon. Yes, you are responsible for all the taxes, insurance and payments to the mortgage, etc., until the title is passed from you to another owner. And you need to have a contract for the sale in writing or it violated the statute of frauds (a law in every state that requires contracts for the sale of real property to be in writing to be valid). Now, "how long it takes" regarding the renting of the apartments depends on a bunch of factors but maybe you need to be pro-active in renting them. Who is doing that? The other owner? Get help here. Good luck.
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