I own a house with a friend and she changed the locks.

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I own a house with a friend and she changed the locks.

i co own a house with a friend and would like to get out with my investment. the
house is worth 150,000 and we owe 46,000. she will not buy me out or sale. what
are my options ?

Asked on March 13, 2018 under Real Estate Law, Florida

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

First of all, one co-owner cannot prohibit the other owner form entering and occupying the premises. As for buying you out, you can file for a "partition". This is a legal remedy used in a situation in which joint owners cannot agree as to ownership matters. Accordingly, the court will order a division of the propeety, if feasible. If not (such as in the case of a single family home), the court will instead order that the property be sold for fair market value and the proceeds equitably distributed. First, however, any owner who wants to keep the property can buy out the other owner(s), again for fair market value.

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

First of all, one co-owner cannot prohibit the other owner form entering and occupying the premises. As for buying you out, you can file for a "partition". This is a legal remedy used in a situation in which joint owners cannot agree as to ownership matters. Accordingly, the court will order a division of the propeety, if feasible. If not (such as in the case of a single family home), the court will instead order that the property be sold for fair market value and the proceeds equitably distributed. First, however, any owner who wants to keep the property can buy out the other owner(s), again for fair market value.


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