Legal Question in Real Estate Law in Tennessee

Friends and business partners no more

A little over a year ago a friend of mine and I purchased a home together as an investment. In the meantime our friendship has progressively dissolved and now he wants to charge a huge amount to buy him out, more than the house is worth. My question is this, he keeps threatening to take me to court and claims he can force me to sell, is this true and what would your advice be? I personally would like to continue living where I am at.


Asked on 1/31/06, 9:51 pm

1 Answer from Attorneys
LAURA TEK LAW OFFICE OF LAURA TEK

Re: Friends and business partners no more

YES, HE CAN FILE A PARTITION ACTION AGAINST YOU AND FORCE YOU TO EITHER, 1) SELL THE ENTIRE HOUSE 2) SELL JUST HIS PART TO YOU, OR 3) SEEL YOUR PART TO HIM. BUT YOU BOTH LOSE BECAUSE SUCH AN ACTION IS VERY EXPENSIVE TO FILE. IF HE FORCED YOU TO SELL, IT WOULD BE AT A FAIR MARKET VALUE; NOT AT A HUGE AMOUNT. TELL HIM TO PAY FOR AN APPRAISAL AND THAT YOU'D BUY HIM OUT FOR ONE-HALF THE APPRAISAL AMOUNT. YOU JUST CAN'T SIT THERE AND DO NOTHING. HE WILL EVENTUALLY FORCE YOU TO DO SOMETHING.

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Answered on 2/01/06, 7:37 pm


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