Legal Question in Real Estate Law in Florida
How can I force the sale of Condo or have co-owner buy me out
I am the co-owner of a condominium with another individual, we are not married, not related, not involved.
I have determined that this was a mistake as living together in this 3 bedroom condo is not working.
I would like to get out of this and have asked the other co-owner to buy me out, she refused.
We signed a ''survivor'' clause to eliminate hassles from families over property if something should happen to either of us.
The co-owner has ''DEPOSITED'' about 40k into the property mortgage from an IRA that would affect equity.
Given these facts, what is my best chance of forcing the sale or forcing the co-owner to buy me out?
1 Answer from Attorneys
Re: How can I force the sale of Condo or have co-owner buy me out
Simply put, you need to file a suit for partition. The court will then allow one party to buy the other party's interest or the property will be ordered sold by the Court and the proceeds distributed according to the equity interest of each party.
This is a fairly complicate legal procedure and will probably require the aid of a qualified real property attorney. If you do not retain an attorney, the other party will and payment will most likely come from the proceeds of the sale.
Scott R. Jay, Esq. 305-249-800