Feuding partners need to divvy land
POSTED: Tuesday, December 30, 2008
Question: I just saw your “;Tenant In Common Can Sell His Share”; Q&A article in the Dec. 2 issue. I am in a similar situation where I own 50 percent of a property. I would like the other owner (who also owns 50 percent) to buy me out. The problem is that the property is in another state where the other owner is currently living, and I am living in Hawaii. I don't want that property anymore, nor do I want my name attached to the other person on title. What is the best way to get him to buy me out? I've thought about getting an attorney, but is this the best way to go about it if we are no longer talking to each other?
Answer: Since you're no longer talking to each other, it can be difficult. However, with such a big investment at stake, it might be worth it in the end to send a letter (or e-mail) to him asking him to buy you out or ask if you could both talk to work out the details on the property. Unless you can work it out amicably (i.e., reach an agreement to sell and split proceeds - or debt, as the case might be, or agree that one side buy out the other), you are at a big disadvantage because the partition lawsuit (if it comes to that) will have to be filed in the state where the property is located. This means you would have to hire a lawyer in that state and possibly even travel to that state for court appearances. Having to hire a lawyer is expensive enough, but having to hire one in another state makes it a lot more expensive and more difficult.