My son and a friend bought a property with no written agreement…
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My son and a friend bought a property with no written agreement…
They purchased the property 50/50, both names are on the deed as joinbut did not put anything in writing. Now the friend wants out of the deal, which my son has agreed to buy him out, but the friend is making up deadlines by which he has to have the money. The loan is in progress, as the friend has been told. Does one person have any more power than the other in these negotiations, since nothing has ever been put in writing?
Thanks for considering this.
Asked on February 16, 2018 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
The one who wants to be bought out generally has LESS power, since the other owner must voluntarily agree to buy the first one out--unless the first goes to the trouble, expense, and time (typically several months) of bringing a legal action or lawsuit "for partition" to get a court order compelling a sale of the property to a third party. Since the only alternative to a court-order sale of the property is a voluntary buyout, whoever wants the buyout more--generally the one who asked for or requested the buyout--has less power, since the other person can simply refuse the deal or transaction unless it's to his liking.
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