Who buys who out
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Who buys who out
Who buys who out, my husband and his girlfriend
bought a home 10 years ago, both their names are
on the title and the mortgage, she bailed out two
years ago and left him to pay the mortgage and all
the repairs and the taxes,, we received a letter in the
mail stating that now she wants half the house, his
credit isnt good in the banks not going to refinance
in his name only, Im wondering why do we have to
pay her why cant she buy us out what our options
here , Thank you
Asked on May 9, 2018 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
Neither owner can be forced to buy out the other; a buy-out is voluntary (like choosing to buy anything is voluntary). If the two owners of property cannot agree as to what to do with the property, one of them can bring a legal action (traditionally called an action for "partition," though your state may have a different name for it) in which the court is asked to order that the property be put up for sale. The court can order that the property be listed for sale and that the proceeds of the sale (after paying costs of court and sale, and paying any mortgage) be divided among the owners.
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