Legal Question in Real Estate Law in Massachusetts
Settling Joint Real Estate
I co own a home with my partner of 16 years. I would like to vacate the premises and receive my equity in the home. If i leave sooner than settled, will I lose equity, and can he be forced to buy me out or vacate the premises?
2 Answers from Attorneys
Re: Settling Joint Real Estate
Simply leaving the home will not be an abandonment of your equity in the home. I am assuming title is in both your names, if not then there are other issues.
As to buying you out, you and he can agree to terms, which I would suggest is the least expensive way of handling this or you can file a petition for partition with the courts. The court will then allow one of you to buy the other out. I assume in making this statement you have no children living in the home of which you are both the legal parents.
Feel free to contact me without obligation if you have more questions.
Re: Settling Joint Real Estate
If you hold title as Tenants in Common you can file a Petition to Partition the property in the Probate Court to force either a buyout or a sale and division of the equity. Good Luck!