Do we have to sell a house that we bought with my father in-law if he now wants to sell but we do not?
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Do we have to sell a house that we bought with my father in-law if he now wants to sell but we do not?
Also, the house was titled 50% undivided interest. Are we entitled to 50% of the net profit even if my father in-law put more money down at closing?
Asked on November 2, 2011 under Real Estate Law, New Jersey
Answers:
Kenneth A. White / THE LAW OFFICES OF SHANE AND WHITE, LLC
Answered 12 years ago | Contributor
If your father-in-law wanted to force the sale of the house, absent your ability to purchase his interest in the house from him, he could file a Partition Action and the court would likely order the sale of the house (after providing you with an opportunity to purchase his interest).
If the title to the property is listed 50/50, than you would likely be entitled to receive 50% of the net proceeds resulting from a sale of the property.
If I can be of further help, please do not hesitate to contact me.
Kenneth A. White, Esq.
Shane and White, LLC
1676 Route 27
Edison, New Jersey 08817
(732)819-9100
Kenneth A. White / THE LAW OFFICES OF SHANE AND WHITE, LLC
Answered 12 years ago | Contributor
If your father-in-law wanted to force the sale of the house, absent your ability to purchase his interest in the house from him, he could file a Partition Action and the court would likely order the sale of the house (after providing you with an opportunity to purchase his interest).
If the title to the property is listed 50/50, than you would likely be entitled to receive 50% of the net proceeds resulting from a sale of the property.
If I can be of further help, please do not hesitate to contact me.
Kenneth A. White, Esq.
Shane and White, LLC
1676 Route 27
Edison, New Jersey 08817
(732)819-9100
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