Legal Question in Real Estate Law in Florida
if 4 people own a house and one person wants his interest bought out. if the other three cannot buy that person out can that person sell the entire house to a buyer or just his portion
4 Answers from Attorneys
Generally, just his share.
If no agreement exists and the property is held as tenants in common, 1/4 interest holder can only sell his 1/4 interest. Usually, the interest is sold at a great discount due to the circumstances.
If one person wants to sell and the others don't, the person wanting to sell has two options: 1) depending on the title, the person wanting to sell can sell just his or her interest in the house or 2) the person wanting to sell can file a partition lawsuit. A partition lawsuit forces the house to be sold and the profits to be divided amongst all the owners.
It depends. If the person files to partition the property, then the entire property will be sold and the proceeds will be divided among all of the owners. Contact an attorney for more assistance. Regards,