Joint ownership of a house and I want to get out of it but the other party doesn’t, what are my options?
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Joint ownership of a house and I want to get out of it but the other party doesn’t, what are my options?
-joint ownership 50/50
-owned the house 12 yrs
Asked on June 11, 2019 under Real Estate Law, Georgia
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
In a situation where joint owners cannot agree as to ownership matters, the law provides the remedy of "partition". The court will order that the property be divided if possible. If not, such as in the case of a single family house, then it will order a "sale in lieu of partition". Pursuant to this, the property will be put on the market and sold for fair market value. The proceeds will then be equitably disributed. First, however, before being offered to any 3rd parties for sale, any owner who wants to buy out the other owner(s) can do so, again for fair market value.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
In a situation where joint owners cannot agree as to ownership matters, the law provides the remedy of "partition". The court will order that the property be divided if possible. If not, such as in the case of a single family house, then it will order a "sale in lieu of partition". Pursuant to this, the property will be put on the market and sold for fair market value. The proceeds will then be equitably disributed. First, however, before being offered to any 3rd parties for sale, any owner who wants to buy out the other owner(s) can do so, again for fair market value.
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