Legal Question in Real Estate Law in Oregon
An ex-girlfriend and I own a home together. It was a new home purchase with my name listed first and her second. I put one third down more than her at the time. We seporated. I agreed to not place the home on the market for two (2) years giving her time to either buy me out or meet someone and want to sell. It has been over two years now and I would like to know what my legal rights are as far as selling or forcing her to buy me out. The home has about 45,000 in equity but also carries a 2nd for 25,000 that is in both are names. She has been making the payments since I left. I had agreed back then to offer her my by out for only 10,000. Much less than my portion alone of the down payment.
2 Answers from Attorneys
If you both are in fact listed as the owners on the title, then you can go to court to force a "division of property." The court orders the house sold and splits the proceeds between you in a fair way.
In Oregon, there is a lawsuit that most property owners can file against co-owners, that essentially forces the property to be sold, and to have the proceeds of the sale divided in accordance with each owner's rights.
After the lawsuit is filed, BUT BEFORE the case goes to the judge for trial for a final decision, the parties are free to negotiate a settlement between them. The fact that a lawsuit is filed gives both parties incentive to negotiate, and the fact that a judge may order the property sold gives you a sense of finality that co-ownership will be severed one way or the other.
Hope this information helps.
Lawrence M. Vergun
The Vergun Law Firm
7455 SW Bridgeport Road, Suite 220
Portland, OR 97224
Telephone: (503) 746-7859
Email: [email protected]
Website: www.VergunLaw.com
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