What are the legal options if 3 people own a property and 2 want to sell but the other doesn’t?
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What are the legal options if 3 people own a property and 2 want to sell but the other doesn’t?
My 2 sisters and I own a housel 1 of my sisters and I want to sell the property but the other doesn’t. We are all listed on the deed. What are our legal options if any?
Asked on April 15, 2012 under Real Estate Law, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. If the three property owners do not have a partnership agreement with respect to the parcel they all have an interest in, the best way for a sale or buy out is for the two owners to sell their interests to the one person who does not want to sell. Possibly notes and trust deeds prepared by a real estate attorney per a written contract would accomplish the goal.
If that is not an option, then if the two owners really want to sell, the parties either agree to all list the parcel for sale or the two owners unfortunately bring a partition action for a court order to declare that the property needs to be sold. If matters come to that point, there most likely will be hurt feelings between the siblings. I suggest that the sisters consult with a real estate attorney to structure a buy out of the two owner's interests in the parcel to the one sister who wishes to keep it.
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