Legal Question in Real Estate Law in Massachusetts
re:petition to partition
owning 75%of a property,was in negotiations to buy out other owner,cant get a loan,so i offered other solutions getting little or no response as to if they were acceptable i called a real estate agent to get comps on house and prepare for a sale told other owner this and never heard from him again until three weeks later when i got a letter from his attorney threatining petition for partition,with house being listed within 90 days is this even sane or just a threat,time stamp on court website said 14 months for this action. is this correct,can this action be taken if the house is on market before any court date also i am agreeing to sell to avoid legal costs none of us can afford-what are my rights as majority owner if any do i have to sell can i be forced to ihave a large family and would rather stay if i can,answered the demand letter enclosing first set of comps,and have heard nothing i pay all the costs of property what to do can i fight this,other owner relocating and i believe suddenly wants all settled before july is their time more important than mine or could i be granted more time to buyout or sell property at a later time
1 Answer from Attorneys
Re: re:petition to partition
The Petition for Partition is used to force a sale. If you have listed the property for sale at a reasonable price there is little sense in forcing a sale by a Commissioner. However, if you receive a Petition you need to answer it properly and respond.
If while the Petition is pending you can find financing and the price offered is within the value being sought under the petition, then you should be able to buy the other owner's interest.
There are some non-profit groups that help people keep their homes, but your best bet is to find someone to help you find financing.
If you have more questions, feel free to contact me.
Good Luck.
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