Legal Question in Real Estate Law in North Carolina
Forced Sale of Co-Owned Property
We own a 1/4 share of a condo in NC. The other owners have decided they want to put it on the market (even in this depressed market). Are we forced to sell? If we make them file a deed of partition, are we liable for legal expenses? If we are forced to sell, are we liable for 1/4 share of all costs associated with the sale?
Asked on 12/15/08, 11:05 am
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: Forced Sale of Co-Owned Property
No, you should not be liable for legal expenses in a partition suit initiated by the other tenants in common unless that was part of the purchase agreement or addendum thereto to which you were all willing parties.
The court could conceivably order that the costs involved in selling the property be equally shared among all of the owners.
Answered on 12/15/08, 4:17 pm