What to do if there are 5 names on a house but 2 want to sell and 3 do not?
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What to do if there are 5 names on a house but 2 want to sell and 3 do not?
Asked on May 2, 2012 under Real Estate Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You are writing about the difficulty of multiple owners with respect to property. The best way to resolve the issue of those owners who want to sell and those who do not is for the ones who want to sell is to have their interests purchased by the the remaining three (3) owners.
If there cannot be an agreement with respect to the above suggestion, the result would be the filing of a partition action where the court would then order the property listed for sale and sale proceeds distributed amongst the owners.
I suggest that you consult with a real estate attorney about exploring the options of a buy out of the two (2) owners who wish to sell by the remaining three (3).
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