Legal Question in Real Estate Law in Maine
Deed with two partners in ownership
My business partner and I own a property jointly with right of survivorship. I am at a point where I want to retire and sell the property. My business partner does not wish to sell. Is there any thing I can do to force the sale as he does not have the money to buy my share from me?
1 Answer from Attorneys
Re: Deed with two partners in ownership
There are essentially 2 "easy" options and one "difficult" one. The first option is to determine if the land can be divided, ie- is there enough acreage to split it up equitably? If the property is basically a building then that is not an option. The next option is to determine if a buyout can take place over time, secured by a mortgage. That may also dilute the effects of capital gains. However, if that is not desireable for you, then the last option is to file a lawsuit asking the Court to Order a sale of the property and the proceeds would be divided equally.
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