trouble with a partner on ownership
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trouble with a partner on ownership
I own a 2 family home with a partner, is there any legal way to remove a party from the title, or to assume liability/ownership of the property.
Asked on June 2, 2009 under Real Estate Law, Connecticut
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I'm not a Connecticut lawyer, and the law on the subject does vary from one state to another; more importantly, I don't have all the facts of the case, and without that I can't give you more than general information. For advice about your options, and your rights, you need to talk to an attorney in your area, and one place to look for one is our website, http://attorneypages.com
The simplest way to resolve this is for one of you to buy the other one out, if you can agree on a price, who is buying and who is selling, and the buyer can finance the deal. It's also by far the quickest and cheapest solution, for both of you, and I'm pretty confident that this is true no matter what the facts are, or what the details of the law might be.
Otherwise, you're probably looking at a suit for partition, and that often ends up with property that can't physically be divided being sold -- after a year, or perhaps more, with legal fees and all the rest of a lawsuit's expense and inconvenience.
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