What canI do if I jointly own property that is up for sale but I have changed my mind and want to buy out the other owner?

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What canI do if I jointly own property that is up for sale but I have changed my mind and want to buy out the other owner?

My long time boyfriend and I split up and are selling our home; it is listed on the market. I have changed my mind and want to buy him out.Our home is listed for $140K. With realtor fees of roughly $8K. We owe $113K . If the home sold we would collect $18900 and split that money. So we each would walk with $9450. I’ve offered him $10K to let me keep the home. I also agreed to pay to have the title/deed transferred out of his name and to refinance and have his name removed from the mortgage. He had been interested in doing this when first offered and now he will not acknowledge any of my emails/calls so I cannot go further. I just want the house pulled from the market but cant without his say so. Can I just move back in? Sue? Anything?

Asked on September 29, 2011 under Real Estate Law, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you own real property with your former boyfriend that is currently listed for sale with a licensed real estate agent and you have now changed your mind about the sale where you want to buy out his interests but he does not want to sell his interests in it to you, you should retain a real estate attorney to represent you in this matter in that is see potential problems resulting for you if not taken care of right away.

The first is that if you pull the lisiting before its expiration, under the terms of the formal listing agreement, you might be responsible for real estate commissions even if the property's listing is cancelled.

If you want to buy the property, perhaps you should make a formal offer to purchase it with the assistance of an attorney.

Good luck.


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