Legal Question in Real Estate Law in Illinois
real estate
4 years ago I got a condo with a friend of mine. We are both on the condo title and papers. Now I want to be a sole owner of the property but he does not want to remove himself out of the condo title and papers. What should I do?
4 Answers from Attorneys
Re: real estate
A partition suit might be your only option. However, $ always seems to be the issue in these matters.
Re: real estate
You need to consult an attorney regarding filing a partition case.
Re: real estate
I agree a partition action is probably the way to go, especially if there is no equity in the condo (which is possible in this economic climate). But first try to offer to buy him out. But get an appraisal on the place first to make sure you aren't offering more than what his reasonable share would be. Additionally, your co-owner isn't going to be inclined to turn over the property unless you refinance, so you should look into whether you can get approved for a refinance as well (even if you do get a partition) so that your friend is no longer liable for the mortgage.
You definitely should meet with a local real estate attorney about this.
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