What are my rights to sell a home that I co-own with my brother?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What are my rights to sell a home that I co-own with my brother?
My brother does not want to sell and I do. He cannot afford to buy me out. There is no mortgage on this home and I want to cash out.
Asked on October 9, 2011 under Real Estate Law, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
As a joint owner, you have to pursue what is known as a "partition". This is a legal remedy available to co-owners of property when they cannot agree as to ownership matters (e.g. a sale). A partition allows for the division of the property if it is physically capable of being divided (e.g. raw land). Where division would be impracticable (e.g. a single family home) a court can order a "sale in lieu of partition" and an equitable division of the proceeds between the owners. However, it would first permit one of them to buy the other out at fair market value.
Note: A partition action can be a time-consuming and expensive. So you may want to educate your brother about that fact. Possibly that will help him come to an arrangement with you.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.