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I own a home with a friend. The deed is set up as joint tenants with right of survivorship. I have lived in the home for over 10 years now. The friend that owns the other half of the property has never lived in the home. Our verbal agreement was that I pay for the home loan and he was to pay for home insurance and property taxes. He stopped paying the insurance and taxes years ago so I have been paying that as well. This friend has become ill and need money for medical care. His brother has called me saying that because of his illness, we must now sell the home and if we don't he will take us to court. What are my rights? Do I Have to Sell My Home? Thank you
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Estate Litigation Attorney serving Redlands, CA
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When two persons co-own a home, either one of them can sue for a partition action to ask the court for an order that the property be sold and the proceeds be divided between the co-owners. There are very few defenses to a partition action. In a partition action, one of the co-owners can buy out the other.
The best thing to do is for you to buy out your friend's interest. You can deduct the half of the money that he was supposed to pay for home insurance and property taxes.
Answered on Apr 13th, 2016 at 9:36 PM