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I'm pretty sure the co-owner would have to sign a legally drawn-up contract made up by a lawyer to relinquish his ownership for said amount of sale, indicating the amount he would get for the sale. I am not sure you can make him sell, unless by judge's injunction. I think it would pretty much depend on the circumstance. First mode of action-- see a lawyer.
I have a friend that is dying, that jointly owns a home with a one time venture partner. The house was purchased to remodel and resell. All of the remodeling has been completed, however his partner will not sell. My friend believes that he is trying to hold on to the home until he passes, so that he would get all of the proceeds. The problem is...although my friend has this home in his living will he believes even though his wife that would get the home through the living will she would not know how to deal with the situation. He wants to sign over his portion to me and allow me to deal with this partner. He does not have long to live and should not be worrying about this during his last days. How do we get my name on the title? How do we make him sell?
Last edited by goodfriend101; 08-08-2009 at 08:38 AM..
I have a friend that is dying, that jointly owns a home with a one time venture partner. The house was purchased to remodel and resell. All of the remodeling has been completed, however his partner will not sell. My friend believes that he is trying to hold on to the home until he passes, so that he would get all of the proceeds. The problem is...although my friend has this home in his living will he believes even though his wife that would get the home through the living will she would not know how to deal with the situation. He wants to sign over his portion to me and allow me to deal with this partner. He does not have long to live and should not be worrying about this during his last days. How do we get my name on the title? How do we make him sell?
Let the wife deal with it.
If his name is on it, it's part of his estate; the partner can't do anything without the wife.
I don't know your area. so - Based on Colorado... and from what you have posted, no.
Regardless of how you have title - joint tenancy or tenants in common, you will need to have agreement from all parties who are in title. The only way to force a co-owner to sell is via court order. Even then, it can be difficult to sell a house when a seller doesn't want to sell. I once had such a listing - it wasn't easy! Showings were difficult, the objecting seller would not allow a lock box or yard sign, etc. it was a hard go - but it was sold.
Maybe an option would be suggest that she "buy you out" failing that - go to court! It might be that your co-owner would not be happy about the court taking control over the sale - and they can! It would be in everyone's best interest to "work this out" betweent the two of you. Hope that's possible.
Best wishes!
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But, yep, what you said is right on. It depends on how the title to the property is held and how the place was mortgaged.
