I am part owner of of a 4 unit building. I need to sell. My other does not want to buy me out. What can I do?
I am 25% owner of a LLC which owns one 4 unit building. My wife is another 25% partner. We need to sell. Our other partners, another husband and wife, do not want to buy us out. In addition, there are dragging their feet on selling. Can I put it up for auction (fast sale) without their approval. The property is deeded in all our names. What can I do legally to get out of this situation?
Related posts:
- Who owns a building that was built on our property by the neighbor who now wants to sell? son put up a building on his parent’s property. Wife wants him to sell their home and says the building belongs to them. This will increase the value of the...
- How fast can you stop a trustee auction on a home? We found a property in California that we like. The property is due to be auctioned off on Tuesday at 10:00 AM. We put in a bid and it was...
- 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...
- What is owner financing? I need to get rid of my house like really fast and get it off my credit profile. Anyone familiar with owner financing? What are some ways I can get...
- Family drama! Should my Dad sell the property behind Grandma’s back?! What would YOU do? Okay, so here is the situation: My father owns about 16 acres of land. My grandparent’s gave this to him because they were right-wing radicals who believed that paying property...
sell property | , 17 Jun 10
By Mom of 2, June 20, 2010 @ 12:51 pm
Can you find someone to buy your 50% of the house? You will need a lawyer to draw up papers to close out the old LLC ond create a new one, but the other couple should not have to sell.
By stl_eliza_20, June 23, 2010 @ 2:55 pm
I’ve seen this issue discussed in Bob Bruss’ Real Estate Mailbag, which is printed in the Washing Post & syndicated nationally. If you want to search the archives, you’ll probably find your topic addressed.
=-1&st=bob%20bruss&
By whitneymagnolia, June 25, 2010 @ 9:56 am
Depending on any agreements you made as an LLC with the other couple will dictate how you go about handling this. That should have been addressed up front when you set the LLC up.. Talk to a Real Estate Attorney about how to sell your portion.