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One co-owner wants out

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R

rogue

Guest
There are 3 co-owners on the principle residence and the mortgage renewal is coming due in a few months, at that point one owner will want out of the principle residence. Myself and the other owner want to remain in the principle residence and buy her out.

1) What are the proper steps of buying out a joint owner?

2) What will the person that wants out most likely do as far as reclaiming what is her fair portion of the investment?
She has been living here full-time and has every option to use the rest of the house - but decides to stay in her room (she's real good at playing the victm!) She also has put a larger chunk of the downpyment in and equally we've devided the bills/mortgage/taxes 3 ways.

3) What legal recourse options will she have to ensure that she gets reimbursed in a timely matter?

4) Does a current appraisal need to be done in order to give back her fair share of the percentage investment, and is there one appraisor that is better suited than others? ie bank appraisor versus industry experts, realtors? (I'm hoping that with the downturn in the economy she'll loose money on the deal by getting out early and therefore we'll owe her less than she's contributed.)

I am writing from Ontario, Canada but, I'm sure that it isn't too different up here in law philosophy. I will be consulting a lawyer closer to the renewal time - but I'm just getting prepared for her official annoucement of wanting out of the deal...(she's only hinted to it - no formal written staement yet.

(5) Actually does she need to give us ample time to organize refinancing or, can she just force the sale of the home when the mortgage renewal comes due???)

I know too many unkowns at the moment but any advice will be welcomed!

Sincerely,
Rogue
 
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