Whether it’s a business property, one inherited from ancestors, or even one invested by a couple, co-owning property has both pros and cons. The experience is rewarding, but it comes with complicated challenges, including maintenance, management, and usage.
However, if you plan on selling the property but your co-owner doesn’t, it leads to major complications. So, here’s how to navigate through the situation successfully.
1. Negotiate through clear communication
Before diving into a legal battle, it’s always better to communicate to negotiate with a co-owner.
Open and clear communication can help you resolve issues without dragging each other to court. After all, litigations are extremely expensive and time-consuming.
So, arrange a meeting with them and undertake these steps:
- Ask the reason behind the co-owner refusing to sell. Understand whether they have financial or any other reasons. Even if the reason doesn’t appear relevant or sensible to you, stay empathic.
- Share your reasons behind wanting to sell the property. It’s best if you jot down all rational reasons beforehand. This will help you stay on the topic and speed up the negotiation process.
- Identify common interests and objectives to negotiate.
- Don’t let your emotions get in the way, as that ruins the chance of negotiation. Take time-outs if you’re about to lose your calm. Practice short meditation or breathing exercises to stay in check.
2. Try out mediation
If direct communication with the co-owner doesn’t solve the dispute, seek a mediator’s help. Mediators are neutral third parties that help negotiate such conflicts.
They assess the issue, listen to everyone, and facilitate the discussion to find a fair and mutually beneficial solution for all involved parties. Regardless of who seeks the mediator, they won’t be biased towards anyone.
Mediation is also much less expensive and time-consuming than legal processes. Especially if you want to protect your relationship with the co-owner, such civil processes also ensure that.
3. Suggest buying out
The next best option is to buy out shares. Since your co-owner wants to keep the property, suggest them to buy out your interest. So, instead of selling and getting profits from a third party, you can get the same from the co-owner.
However, to evaluate the right price of your share, you must seek a property appraiser or other property valuation expert. They’ll appraise and evaluate the overall property’s current market value and the fair price of your share.
After agreeing to the price, your co-owner can proceed with the transaction, and you can sell your interest to them.
4. File a partition action
If nothing works, your only solution is to file a partition lawsuit. This legal process will legally force the property sale or division. Here’s how to do it.
a. Seek a reliable attorney
Let’s suppose your property is in San Diego. Selecting a lawyer with deep local knowledge can make a big difference in handling regional legal issues. Start by finding a respected San Diego partition lawyer who has a solid track record with these cases.
They must have a great reputation among their clients. Look up online reviews on Google and Yelp and customer testimonials.
b. Know everything you need
Consult the lawyer about the exact property and financial documents and information you must gather.
Some important documents include title documents, property descriptions, co-ownership agreements, mortgage documents, maintenance documents, tax papers, plot plans, and zoning and land use permits.
c. Be aware of financial implications
Ask your lawyer about all legal expenses. Findings show that the average hourly rate of attorneys was $313 in 2022. However, a reputable lawyer may charge up to thousands. Learn about other charges, such as court fees, surveying costs, tax liabilities, and more.
Seek financing solutions or budget accordingly to manage these expenses.
d. Proceed with the lawsuit
When you’re ready, ask your legal team to file a valid partition complaint. Your co-owner will be served a copy of the complaint and summons.
They can agree to partition or contest it. If they contest the case, the court proceedings will start. The court establishes your right to partition through documents and appoints an appraiser.
The appraiser reports the best partition step: physical partition of property or sale followed by proceeds division. The court then passes the final judgment about the partition.
Conclusion
It’s frustrating if your co-owner refuses to sell a property. However, with these strategic steps, patience, and mindful decisions, you can overcome the hurdles and attain your right legally!
