Owner #1 wants to sell or have Owner #2 to sign a "Quit Claim". However, Owner #2 doesn't want to sell OR sign the "Quit Claim"? What recourse/options does Owner #1 have? My friend is involved in this real estate situation. I ran out of advice.
2007-10-17 12:27:32 · 4 answers · asked by punchie 7 in Business & Finance ➔ Renting & Real Estate
If this is a partnership, there should be a partnership agreement, which spells out what happens in such a situation.
If there's no partnership agreement in place and the two parties cannot reach a solution, the only way is to go to court.
Maybe your friend should spend $200 and consult (just consult) a real estate attorney before getting into a huge mess...
2007-10-17 12:46:36 · answer #1 · answered by REALTOR 3 · 1⤊ 0⤋
If there's no agreement between two owners, then one of them has to sue the other in court to force "a partition and sale."
A lawsuit may force the other owner to be realistic and settle by buying out the first owner, because otherwise both of them will lose the property to whoever will buy the whole thing. And each will also lose money by having to pay for his/her own lawyer. In the end, a court-ordered partition is almost inevitable.
One possibility is to get both owners to meet with a mediation service. Your locality may have such a service from a nonprofit organization. This may avoid the need for a lawsuit.
2007-10-18 00:28:51 · answer #2 · answered by AnOrdinaryGuy 5 · 0⤊ 0⤋
You can go to court and have a judge force a sale of the property. It's not always a good idea because you don't always get the price you would otherwise. But you can at least get rid of the property of you want to.
2007-10-17 12:31:51 · answer #3 · answered by Angie 6 · 1⤊ 0⤋
Your friend should contact a real estate attorney and file for partition. It is my understanding it will take about $10K or so in lawyer fees and several years.
2007-10-17 13:54:29 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋