My son and a friend bought a property with no written agreement…

UPDATED: Oct 1, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Oct 1, 2022Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

My son and a friend bought a property with no written agreement…

They purchased the property 50/50, both names are on the deed as joinbut did not put anything in writing. Now the friend wants out of the deal, which my son has agreed to buy him out, but the friend is making up deadlines by which he has to have the money. The loan is in progress, as the friend has been told. Does one person have any more power than the other in these negotiations, since nothing has ever been put in writing?

Thanks for considering this.

Asked on February 16, 2018 under Real Estate Law, California


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

The one who wants to be bought out generally has LESS power, since the other owner must voluntarily agree to buy the first one out--unless the first goes to the trouble, expense, and time (typically several months) of bringing a legal action or lawsuit "for partition" to get a court order compelling a sale of the property to a third party. Since the only alternative to a court-order sale of the property is a voluntary buyout, whoever wants the buyout more--generally the one who asked for or requested the buyout--has less power, since the other person can simply refuse the deal or transaction unless it's to his liking.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption