Owning real estate can be quite rewarding. However, problems can unexpectedly arise when one or two co-owners want to cash out their equity in the property.
Co-ownership is when two or more people share a common interest in a single property. An example of this is when siblings inherit a ropery from their parents. Each of the co-owner will have a share in the property.
Co-ownership has pros and cons. One major disadvantage is that you could share in the cost of maintaining the home. For example, one of you could agree to pay for the exterior and interior maintenance such as roof and drywall painting, dining renovation, or bedroom renovation while the others will pay for the insurance and tax expenses.
Sharing expenses is a practical way to get by while enjoying the home. But what happens when one co-owner suddenly changes goal and wants to cash out his equity? It can become even more complex when the majority of the co-owner wants to remain in the shared property.
Attorneys at Stafford Law can resolve this issue by filing an action for Partition. It is a general legal remedy you can file to seek the division or order of the sale so you can divide the proceeds among yourselves.
In most partitions, it is the co-owner who wants to file an action for partition usually wants to sell the property. We at Stafford Law are regularly representing clients in partition cases. If you need a reliable attorney to represent you, do not hesitate to contact us today.