Jackie asked:
I recently entered into a contract to purchase a property from someone who inherited the property. After the title work was completed we discovered that a cousin of the Seller owns a 1/3 interest in the property as well. He doesn’t want to sell period. The Seller is distressed and wants to get out of the property immediately but the cousin doesn’t have the money to buy them out. Is there any way the can force the sale being the majority owner or are the stuck?
I recently entered into a contract to purchase a property from someone who inherited the property. After the title work was completed we discovered that a cousin of the Seller owns a 1/3 interest in the property as well. He doesn’t want to sell period. The Seller is distressed and wants to get out of the property immediately but the cousin doesn’t have the money to buy them out. Is there any way the can force the sale being the majority owner or are the stuck?
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try a quit claim sale, check with a realtor
I’m not sure about in Texas, but in NC, it depends on what KIND of title it is (some titles will consider the holders equal in their shares, even though one may have actually paid more than the others)….however, I would say, just going on what you say here, that unless you can convince the cousin to sell, there is not much you can do. You can NEVER force someone to do something like this…I’m sure you would resent it if YOU were the cousin…maybe the cousin thinks you’re trying sell too cheaply..I don’t know…but remember the old saying: You can catch more flies with honey than with vinegar…
The 2/3rd owner needs to see an attorney and file a partition suit. That forces the 1/3 owner to either buy the 2/3rd owner out or allow the 2/3rd owner to buy him out or allow the sale of the property.
The following is from a California law firm but it is pretty much applicable to all states