Legal Question in Real Estate Law in Massachusetts
i want to buy out the other partner in a home jointly owned. there is no contract,nothing on the deed, just a handshake 30 plus years ago, we offered 110k , they want 150k. we offered to pay all closing costs, including updates to the property and th eseptic inspection and if needed replacment. what do we do. they are threatening a lawyer. who knows what a lawyer
1 Answer from Attorneys
You are in a very common but difficult position.
When dealing with joint owners, you always have the option to do one of the following:
1. Buy out another co-owner at an agreed-upon price.
2. Sell your interest to a co-owner at an agreed-upon price.
3. Agree to sell hte property to a third party and split the proceeds accordingly.
4. Bring a petition to partition action in court and seek an order that the house be sold and proceeds/liabilities divided fairly.
My guess is that if both parties had attorneys, this could be resolved amicably. Partition actions are expensive to both parties, and might potentially waste whatever valuable equity is in the property.
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