Can co-owner force me to sell the property when i don’t want to for another 18 months?
the property was originally bought as an investment and has been rented out since we bought it. The idea was to keep it for 3 years and reasess the situation then (until June 2009), but the other owner wants to sell the property now as he wants the money for another business investment. Can he force the sale?
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Tags: 3 Years, Business Investment, Money
sell property | , 16 May 10
By Danny B, May 17, 2010 @ 2:49 pm
Depends on the contractual agreement you signed when purchasing the house. Usually no…he can sell his half to some random stranger though.
By ian4u1962, May 19, 2010 @ 12:49 pm
yes unless you have contract
By heavymetalbitch, May 19, 2010 @ 1:15 pm
have you any agreement signed together as a solicitors or anything official or was the agreement just word of mouth. ? see a solicitor and see how you stand..
By Rob, May 21, 2010 @ 6:48 am
Talk to a property attorney, but as a general rule he can only sell his own interest. I don’t think anyone is going to want to buy half-interest.
By Tots Donal Nuala, May 23, 2010 @ 11:44 pm
No
Not if its 50/50 share. You have to be agreed.
It might be that you end up falling out and the situation will be exacerbated if you want to sell and they don’t.
I would tred very carefully on this and really make a judgement on whether falling out is necessary and think of the long term conseqences.
Could you or he not find someone to buy his share?
Can you not come to a mutual agreement?
By Lozzie p, May 25, 2010 @ 10:29 pm
I don’t know for sure but if you have no formal agreement. Then if you both jointly own the property it can’t be sold without both parties signing the transfer. He is as dependant on your agreement as you are to his.
Perhaps it would be a good idea to discuss why he now feels he wants to reinvest elsewhere and be open-minded. He may know of a better investment opportunity. I would urge a written agreement next time though!
By roadrunner426440, May 28, 2010 @ 8:25 am
No – he cannot sell the property without your consent
but clearly he call sell his interest as it exists to anyone – then you may find when you want to sell the new person does not
Consider your choices carefully – I would likely say yes to the sale now rather than deal with someone new
The next time this comes up – don’t co-purchase anything
By CHARITY G, May 30, 2010 @ 6:28 am
No. At least not in the state of Florida. However, he can sell his ownership in the property on a percentage basis (if he owns 50% he can sell that to an outside party).
By pathfinder, June 1, 2010 @ 11:06 am
Legally, NO.
By CGordo, June 4, 2010 @ 2:57 pm
I don’t know where you are or where the property is located but generally, a co-owner can bring a suit to partition the property and free up his share so it can be sold. You may want to consider refinancing to buy out his share if you don’t want to sell now.
Do you have a contract with your co-owner to hold the property for three years? That might be your defense if he does bring suit.
The only other thing I can think of would be to get some facts and figures from a real estate agent to show that the property is not at its maximum value right now and would be worth X amount more at the end of the three years. If you can show that you would actually lose money by selling early (recordation fees, taxes, etc), perhaps he will reconsider wanting to sell.
By hexeliebe, June 5, 2010 @ 9:42 pm
Yes if you are in the U.S. or England it’s called a partition lawsuit and will involve suing you for Partition and having the court divide the property and forcing the sale.
You can purchase his interest or let it go to court.
By The Rugby Player, June 6, 2010 @ 10:02 am
He can not sale your share but he can sale his.
By goz1111, June 7, 2010 @ 1:39 am
let’s put it this way, the partner can do nothing, can he go to court to force a sell sure, but the length of time and cost for him will be very high,
By Joe N, June 9, 2010 @ 1:07 pm
Yes. Unless you signed something that said different.
Bad luck. Always consider the worst case scenarios at the start of a business relationship, when you’re still best friends.
Could you afford to buy out your co-owner? Perhaps you could pay him in instalments if he needs the cash. Try to negotiate a creative solution.