What happens if a co-owner of property wants to leave their property?

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What happens if a co-owner of property wants to leave their property?

I am a co-owner of a house. The other co-owner, my boyfriend, and I are not getting along. I want out but I put a $30,000 pool in how can I recoop this money and walk away. There is no equity; we owe about $15,000 more then it’s worth.

Asked on March 25, 2012 under Real Estate Law, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

The best way to resolve the dispute that you and the other joint owner have with respect to the real property that you own where there is no equity in it is for you both of you to sign an agreement with respect to who will maintain the property after you move out with respect to its debt load and other issues. The best way is to have some real estate attorney prepare a partnership agreement where in 5 years or so the property would be sold or one owner would buy out the other.

Hopefully by then there will be some equity in the property for you to get something out of it when it is sold.


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