When three people are left one house and one wants to sell but other wont and cant buy other out what happens?

Answer 1

The person who wants to sell their share has the right to do so. If the co-owner will not or can not buy that person's share then perhaps another buyer of the half interest could be found. Otherwise the person who wants to sell can petition the court to sell the property and the proceeds will be shared. That type of action is called a partition. When done this way, there will be additional costs associated with the court proceeding. Those costs will be deducted from the proceeds before they are distributed.

Answer 2

"You can buy the co-owner out of his or her share of the property, then sell the entire thing as a whole. If the co-owner who doesn't want to sell won't sell his/her share, you can still sell your share to whoever you want. However, as a practical matter, unless we're talking about commercial property that already has several owners, it's doubtful that anyone would want to buy 1/2 an interest in most other property, like a house or something like that. So, unless you can find a buyer for your half interest in the property, you're out of luck."

In response to above, you can't always sell your part interest in a home. Often the deed is structured so both have to sign the deed of sale. If you own a house jointly with your spouse or someone with a right of survivorship you can't sell your 1/2 interest without the other owner signing the deed. Also it is not just commercial properties that have several owners. A lot of inherited properties have multiple owners and it often is a huge issue when some people want to sell and others don't, which is why it is important to detail that in your will if you are passing real property to your heirs i.e. if they don't agree on the fate of the property, they have to sell it and split the proceeds. Every State is different, but you can probably go to a lawyer to force the sale, especially in a divorce, but that means legal fees so the best thing is to try to work it out with the co-owner, perhaps telling her/him that you either sell the house or both of you are going to be paying big bucks in a protracted legal battle.

The main thing is to either do your own legal research or if that is not your thing get a lawyer to find out what you can and need to do in your specific situation.

Answer 3

The person who wants out can file a petition to partition the property, & the judge will force them to buy the share or for all to sell out.

Answer 4

What can we do to stop it from happening