I own 55 percent of the house, he owns 45 percent of the house. Does he have the right to sell the property without me knowing? He wants me to buy him out, but at more than triple the market value. However I don't want to sell the property. Please Help!
2006-06-16 19:31:20 · 8 answers · asked by NB75244 2 in Business & Finance ➔ Renting & Real Estate
The rights between you and your partner depend on the details of how you hold the property and what agreements you have made with each other.
I hope you can work out your differences with your partner.
2006-06-16 19:43:39 · answer #1 · answered by NotEasilyFooled 5 · 1⤊ 0⤋
is the property an investment property that is income producing? if so then triple market value may not be unreasonable. you have to look at it from the standpoint of you are now in sole possession of all the money coming in and he is out. so, is what he is asking for going to set you back more than three years to recoup. if the property is a simple residence then get an appraisal and offer him something more than his share ( 45%) is worth. this way you saved a friendship which is worth more than any monetary gain. as for rights, that is a more touchy legal issue. depending upon how you purchased the property such as both parties on deed then he would have to not only notify you but also get your permission to sell. do you have written agreement between the two of you. if so do you have a first right of refusal clause. this would allow you to have first right if he should want out. most companies have this in their partnerships. it allows one partner to leave and gives the other the option of having it all or getting a new second player. if you do have this clause and choose to not act on it then he may be able to sell his legal interest in the property. i would consult a legal expert on this issue as i am not one but know several options.
2006-06-17 02:53:21 · answer #2 · answered by Rpm1 2 · 0⤊ 0⤋
Bluffing! Do you know the "game"/ strategy?
Usually, when I am involved, I ask and one (anyone) makes the separations, give prices, etc. and the other selects first! In your case he is active! You should also be! You make a counter-proposal!
Well, either you buy him out (he sells at very high price, or you ask him to buy you out at price about 20% higher he asks (45 - 55%).
2006-06-17 02:34:28 · answer #3 · answered by soubassakis 6 · 0⤊ 0⤋
He doesn't have the right since you own a majorty of the property.
But my advice would be to get out. The market is getting ready to go down and any property you own will go down with it.
2006-06-17 02:37:13 · answer #4 · answered by LA_Bruin786 3 · 0⤊ 0⤋
Just negotiate a price to buy him out. Have the property appraised, and pay him 45% of the appraised value.
2006-06-17 02:51:10 · answer #5 · answered by ? 4 · 0⤊ 0⤋
1. No, he cannot sell without you knowing.
2. Likewise,you cannot do anything as well. One needs to refi and cash the other out..
It's like the two of you are getting a divorce, unless a corporation or other like entity owns it. then it's a little different.
Seek a good real estate attorney.
Good Luck
~Trey
2006-06-17 04:30:53 · answer #6 · answered by ~Trey 3 · 0⤊ 0⤋
He can sell his share of the house at any price.
2006-06-17 03:07:59 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Because this is a partner business each person can go their way.
2006-06-17 02:42:59 · answer #8 · answered by pabl092004 2 · 0⤊ 0⤋