Legal Question in Real Estate Law in California

My friend and I purchased a house boat together a few years back. Each of use owns 50% share and he now wishes to sell the boat but I do not. I advised him that he could sell his 50% share and I would just have to deal with whoever the new owner was. He is saying that I don't have a choice and that if he wants to sell then we both have to sell and end the partnership. I would like to keep my share of the boat and I can not afford to buy him out. I'm fine with becoming partners with somebody new. My question is, If one owner wants to sell and I do not, do I also have to sell my share?


Asked on 8/24/15, 9:48 am

1 Answer from Attorneys
Nicholas Spirtos Law Offices of Nicholas B. Spirtos

It depends on various factors, such as the amount in question, how title is held, who the registered owners are, etc. It is possible that a half owner could force the sale of the whole boat, but that would probably require a lawsuit. Forced sales generally result in lower sales prices. The easiest solution might be for you to borrow the money to buy him out, or find another person willing to be your new partner.

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Answered on 8/25/15, 7:44 am


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