Well reason why is they are refinancing the house for the second time to pay of all there bills and i want out and get my share. Yes my name is on the title
2006-08-16 12:03:40 · 6 answers · asked by victor 1 in Business & Finance ➔ Renting & Real Estate
Well, just as you can't force them to do this, they cannot force you to agree to their cash out. I think I see a solution: Have the two items done simultaneously. Talk to an attorney, draw up a contract.
2006-08-16 14:24:58 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
You don't have many options there. Assuming that title is held in Joint Tenancy, all owners must agree to sell the property -- or to buy out your share. If you can persuade them to sell their shares to you, you could then sell the property and pocket any profits.
Your other option would be to file suit for partition. If successful that would force the sale of the property with the proceeds divided among all of the owners. The courts don't like these kinds of suits as it usually causes a lot of hard feelings among the owners and typically only go forward with them in cases of divorce when the parties can't agree on division of the real property assets.
Sorry, but if everyone else doesn't agree to buy you out, you're pretty much stuck with it. Whatever you do, do not just quitclaim your share to the others. You'll lose any right to the property, get nothing out of it, and still be liable for the mortgage payments until they do refinance again.
Talk to an attorney to see if you have any other options, but I doubt it.
2006-08-16 19:18:41 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Well, they will have to give you your share, if
you want out before they gets to pay off their bills. First, you would have to sign too in order for them to get the money. Either way they will have to buy you out.
2006-08-20 17:21:11 · answer #3 · answered by Tillylace 2 · 0⤊ 0⤋
you have 2 options . They buy your % out or you buy them out and then turn around and sell the whole thing yourself . Simple clean and easy .Get the house appraised and then see who wants to do what >
2006-08-16 19:10:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It's within your right to do so. If they refuse to comply, let them know that you will go to court for what is legally yours, and if they ask how you could do that to them, ask them how they can fritter away *your* portion of the equity for something that you'll never get any benefit out of?
2006-08-16 19:10:59 · answer #5 · answered by Woz 4 · 0⤊ 1⤋
then you would have to sell them your share and get a quit claim deed to get off the title.
2006-08-16 19:09:28 · answer #6 · answered by koifishlady 4 · 1⤊ 0⤋