tenants in common - one wants out

[camperpa]

What is the name of your state (only U.S. law)?
Pa

I bought a cottage with a friend as tenants in common 39 years ago. He now wants out. He either wants me to buy him out or sell the cottage. He has threatened to sell his ownership to some unkown person. I do not have the funds to buy him out now. Nor do we have a reasonable professional appraisal which would tell us the value of the property. He has removed all his possession and taken his name off the expense account and left all the bills to me for the past year.

Can he sell his portion of the cottage without my consent? By taking his name off the account and removing his possessions, has he in effect given up his rights? If he goes to a judge and gets the judge to require the sale of the cottage, must I sell? If there is an offer under these circumstances, can I meet the offer if I can somehow raise the funds?What is the name of your state (only U.S. law)?

 

[Zigner]

What is the name of your state (only U.S. law)?
Pa

I bought a cottage with a friend as tenants in common 39 years ago. He now wants out. He either wants me to buy him out or sell the cottage. He has threatened to sell his ownership to some unkown person. I do not have the funds to buy him out now. Nor do we have a reasonable professional appraisal which would tell us the value of the property. He has removed all his possession and taken his name off the expense account and left all the bills to me for the past year.

Can he sell his portion of the cottage without my consent? By taking his name off the account and removing his possessions, has he in effect given up his rights? If he goes to a judge and gets the judge to require the sale of the cottage, must I sell? If there is an offer under these circumstances, can I meet the offer if I can somehow raise the funds?What is the name of your state (only U.S. law)?

He can sell his interest in the property to whomever he wants.

If a judge orders something, it follows that the order must be followed.

If you can come up with the money to "meet" an offer, then come up with the money now to make a fair offer.

 

[camperpa]

Thanks for the reply. Determining a "Fair" offer is a big obstacle. I already made an offer, but he thinks it is worth more (which I do not have). He does not have an appraisal to support his request and the real estate market here is really bad. I do not think it will sell at any price. I think he is just bluffing when he says he has a buyer. That is why I asked if I could match an offer if he really goes through with his threats and actually gets an offer. But I thought he would have to get a judges order to sell without my consent. This is really a mess and he is not willing to discuss things rationally.

 

[TinkerBelleLuvr]

Is this a vacation cottage? Or a permanent home for both of you? What is the "expense account?" How have things like taxes, etc been split?

 

[camperpa]

the cottage is a vacation spot for us and our families and friends. Expenses have been split 50/50 and paid through the expense checking account i.e., repairs, electric, water, sewage, taxes, upgrades. Some bills like cable and telephone were paid separately by the various family members who wanted the service.

 

[TinkerBelleLuvr]

then technically, until the other party is no longer owner, he/she is STILL liable for half the expenses, unless there were other arrangements made in the original contract, or subsequent modifications.