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?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 9 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 9 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


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 AttorneyPages.com 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 with SHA-256 Encryption