I do not use the land and would prefer just to sell it to them but they claim they can't buy it from me.
2007-09-27 08:18:30 · 7 answers · asked by dtlsman 1 in Business & Finance ➔ Renting & Real Estate
Yes they can, if it's required maintenance to keep the home from falling in value. They cannot require you to make unnecessary improvements.
However, on the flip side, if THEY are residing in the house and you are not receiving rental INCOME from it, then it's up to them to keep up the maintenance.
2007-09-27 09:48:23 · answer #1 · answered by Expert8675309 7 · 0⤊ 0⤋
It may be too late to say this, but you should always have a partnership agreement when buying anything with other people. If you did have one, refer to it regarding a buyout. If not, they can force you to pay 1/3 of the necessary repairs. If you want to sell it, give them notice in writing and give them first right of refusal. If you are otherwise unrestricted by a prior agreement, you can offer your 1/3 ownership to another buyer. That may force the other owners to make you an offer.
2007-09-27 08:34:16 · answer #2 · answered by Cheryl G 7 · 1⤊ 0⤋
None of you can force the others to do anything, except through a court.
If you want them to buy it from you and they are unwilling, your best bet is probably to file a petition (looks a lot like a lawsuit) asking the court to divide the property, which they can usually only do by ordering a sale. The most likely result of that will be for someone to buy everyone else out.
2007-09-27 08:59:17 · answer #3 · answered by open4one 7 · 0⤊ 0⤋
The home owners insurance company can force you to make repairs to the property. The other owners can make suggestions of possible repairs to be made unless you have a written contract between yourselves that states that you have to pay for all repairs.
2007-09-27 08:28:00 · answer #4 · answered by Blade 1 · 0⤊ 0⤋
You are not required to pay for anything you do not all three agree on. If they decide to go and add something or replace something prematurely they must pay on their own. You can hold your stake in the property until it is sold and will reap from anything they do to it by 1/3. Two of my uncles hold one property together, one does everything while the other does not wish to invest, the property will be 50/50 when sold.
2007-09-27 08:24:34 · answer #5 · answered by mitchellar31 3 · 1⤊ 0⤋
then dont pay for the improvements unless it was bought under a corporation and there is a board of directors the agreements are personal and just betwwen you three so no one is forced to do anything else but when you must all agree to sell
2007-09-27 08:22:18 · answer #6 · answered by Fabio G 3 · 0⤊ 0⤋
you own 1/3, you are responsible for 1/3 and why can't they
buy you out ??? mmmmmmmmmmmmmm
2007-09-27 08:22:44 · answer #7 · answered by Anonymous · 0⤊ 0⤋