Tenants in common. Can I sell my part???

[noah705]

What is the name of your state? Florida

I own 50% of a condo in Florida. Me and the other co owner do not get along. I was told he could buy me out and that was my only option. Is this true??? He refuses to buy me out, can I sell or rent my part? This was no agreement signed that states otherwise. Just both of our names on the deed. Please help

 

[HRZ]

Odds are you can sell your 50% to any willing and able buyer ...

You are free to rent it out as well ..absent some condo rule to the contrary.

You can likely force a court ordered sale know as a partition but that may assure a low net to the two of you .

AN internal auction with some real serious money down to lose if one drops the ball might be one good solution. ?

 

[noah705]

So I can sell it if I have a buyer? I know someone who wants to buy my part

 

[FlyingRon]

Is there any financing on the property?

 

[noah705]

He paid cash for it. Then a few months later i paid him half of what he paid in cash. It is paid for

 

[HRZ]

looks like you are free to sell your 1/2 to any willing buyer....including somebody he dislikes even more than he dislikes you! So play a good poker hand!!

 

[noah705]

Thank you I plan to

 

[justalayman]

Odds are you can sell your 50% to any willing and able buyer ...

You are free to rent it out as well ..absent some condo rule to the contrary.

You can likely force a court ordered sale know as a partition but that may assure a low net to the two of you .

AN internal auction with some real serious money down to lose if one drops the ball might be one good solution. ?

The op can sell the interest he owns but is bound by any rules regulations or covenants or contractual agreement that may apply. While the op has a right to encumber the unit by renting it to others (barring any applicable rules, regulations, covenants, or contractual obligations), that would obligate the op to split the income generated with the other owner.

 

[HRZ]

Absent a written operating agreement , how to split income, expenses, or losses or uses can be another debate .

 

[justalayman]

Absent a written operating agreement , how to split income, expenses, or losses or uses can be another debate .

Um, no.


Just as any debts incurred against the property are jointly owed, Any rents earned by a jointly owned property are equally owned by the tenants unless some contract states otherwise. An individual owner has no right to arbitrarily determine who is due what. It is by agreeement the op could offset income owed to the other party in payment of some debt owed against the property but they have no right to unilaterally make that decision.

 

[noah705]

I'm not going to rent it I don't want the hassle. I just want to sell it and get out of there. There was never a signed agreement about anything just a quit claim form

 

[justalayman]

You’re welcome to sell it unless there is some contractual or regulatory prohibition to it. The state laws don’t care.

 

[PayrollHRGuy]

Why in God's name would anyone buy 50% of a condo where there ISN'T some sort of agreement in place that says who has use of the condo or how income from the condo is distributed?

While the OP can likely sell it to any willing buyer I think finding a willing buyer is going to be impossible.

 

[justalayman]

Why in God's name would anyone buy 50% of a condo where there ISN'T some sort of agreement in place that says who has use of the condo or how income from the condo is distributed?

While the OP can likely sell it to any willing buyer I think finding a willing buyer is going to be impossible.

I think he said he already has somebody on the hook, I mean lined up for this prime opportunity