CanIbe forcedto sell my half interest in aproperty?

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CanIbe forcedto sell my half interest in aproperty?

My parents and I have been half interest partners for 10 years. All of a sudden they want to sell the property and I don’t. They said they are going to petition a sale if I don’t buy them out. Can they legally do that?

Asked on November 26, 2011 under Real Estate Law, Florida

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

As you are aware, the legal remedy available when joint owners of property cannot agree as to ownership matters is "partition". In a partition a property will be divided if at all feasible; then those who want to dispose of the property can do do and those who want to retain the property can also so as they wish. However, in the case where a division is not a practical option (such as in the case of a single family dwelling) the court will order a "sale in lieu of partition". Accordingly the property will be put up for sale. However, the party who is seeking to keep the property, will first be be given the right to buy out the others owner for FMV (i.e. fair market value). 


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