QUESTION
If the occupying co-tenant wants to buy out the other co-tenant, how long would the proceedings take?
Asked on Apr 25th, 2014 on Landlord and Tenant Law - Washington
More details to this question:
Two co-tenants, one occupies, the other wants to order a partition by sale. The occupying co-tenant wants to buy out the other co-tenant. How long would the proceedings take? The occupying tenant needs at maximum a year to come up with the entire amount, but the tenant out of possession wants the money now if he wants to buyout.
5 ANSWERS
You are co-owners, not co-tenants/renters. You would have to check with a local attorney as to what the court's time schedule is, since that varies from county to county, even within the same state. You can also get an estimate of how much it would cost, depending on whether it is opposed or not. If the resident owner needs a year to pay fully, they will obviously delay the matter for a year plus however much more time they need to pay their attorney's fee. The suit will cost around $10,000 and you probably would not collect your attorney's fees from the other side. Offhand, it is probably better to agree on a price now and the terms for an installment payment. Remember that the other owner is basically avoiding paying rent while you wait for the payment to be finished.
Answered on May 05th, 2014 at 6:39 AM
My understanding of what you described is that you both own the property as "tenants in common." One person currently occupies the property, the other does not. The person occupying the property wishes to purchase the other person's ownership interest in the property. Your question is how long will that take. The person purchasing the other person's ownership in the property could tender payment today and the other person could give the other a quit claim deed, special warranty deed or general warranty deed, all of which could be done in one day. The purchaser, however, may want to obtain title insurance (to make sure there are no liens against the property), which will then slow the transaction down by one to three weeks, depending on how long the escrow/title insurance company needs to do the title report and then issue a title insurance policy. If the purchaser wants some amount of time to raise the money, that may further delay consummation of the transaction and, in that case, I highly recommend that the parties sign a purchase contract.
Answered on Apr 28th, 2014 at 3:52 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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As long as it takes for the occupying tenant to borrow the money to buy out the other tenant. Otherwise, the house will be sold within 90 - 180 days.
Answered on Apr 28th, 2014 at 3:49 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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They should be able to be done by agreement with one of the two co-tenants purchasing the remainder of the property and financing it by some form of loan or mortgage.
Answered on Apr 28th, 2014 at 1:56 PM
Personal Injury Attorney serving Kent, WA
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Law Offices of Wayne J. Wimer, Inc. P.S.
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Practical problem for the tenant who wants to be paid in one year. If you file suit seeking partition, the court will assign you a trial date that is at least 18 months down-line.
Answered on Apr 28th, 2014 at 1:54 PM