Legal Question in Real Estate Law in Massachusetts
Can someone Petition to Partition IF it has already been agreed to sell?
Two tenants in common own a home with a mortgage and have agreed to sell the property... they both signed and had notarized a document to allow one of them to recoup their initial investment/down payment of $35K PLUS 10% interest per year for the years owned. Can that agreement be thrown out as part of the Petition to Partition or would that still factor in to the dividing of the proceeds of the sale of the property? It is understood that the mortgage would have to be satisfied first and foremost before any other funds were divided. The mortgage and deed are in both names.
2 Answers from Attorneys
Re: Can someone Petition to Partition IF it has already been agreed to sell?
If it was a signed agreement and notarized it is a bindinig obligation unless there was fraud in the creation of the agreement. The facts as presented should be honored by the Probate Court
Re: Can someone Petition to Partition IF it has already been agreed to sell?
Assuming that the agreement itself is valid as a contract, it will most likely be honored by the Probate Court in any Petition to Partition action.
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