Legal Question in Real Estate Law in Michigan
Real Estate
I have a shared vacation property
with another family member in
Northern Michigan. I have requested
to sell out my 1/2 share of the
home. I have received an offer far
below fair market value and want to
know what my rights are as far as
disposing of my 1/2 share. Can I sue
to partition the property or force the
sale of the property? Or, am I stuck
with his offer and/or with the house
since he claims to be an ''unwilling
buyer''. Please note that we set a
precedent 6 years ago when we
bought another family member out
of the house and at the time agreed
to have 3 appraisals done and took
the average of the 3 appraisals. I
have had the appraisals done and he
refuses to abide by the precedent we
set with the previous transaction. It
is my understanding that there may
be case law that supports my
position, but do not know how to find
it.
1 Answer from Attorneys
Re: Real Estate
It depends how the property is owned. If you own it as tenants in commons you might want to petition for partition and force the co-owners hand to buy you out or find a better buyer.
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