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can I sell co-owned real estate in chicago without the other person permission?
a coupIe of year ago we refinance our building but we could get a much lower rate if the refi was done only in his name so we did now I would like to sell the co-owned building but he is unwilling to sell the property is it possible to force him to sell the property legally and can he refi again without my permission?
Yes, you can force a sale. The method is to file a suit for "partition" in the local court. There is essentially no defense to a partition action, tho you can quibble over special contributions to the property. The court will enter a "judgment of partition" determining each partner’s share interest and ordering the property sold at auction just like a foreclosure. Each part owner can bid & outsiders too. The difference is that each partner has a free bid up to the % limit of his interest. So you each bid on the property & the high bidder takes it, paying the the bid price (over the mortgage if there is one) to the court clerk & getting back his % interest. Very few partition actions actually go to sale, due to costs and risks involved. They almost always settle on one side buying the other out, or an agreed upon listing for sale. But the answer is, yes, you can force a sale.
No no no no no no no
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No. You both have to sign on the sale. He can not refi without you either.
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No and No. If he wants to keep it, he may buy you out.
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No. This is why you and the co-owner should have formed an LLC and then had the LLC purchase the property. Then you could have sold your interest in the LLC to the interested party assuming that the operating agreement allowed for such actions.
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Is the deed still in both of your names? If it is, one owner can’t sell without the other owner’s consent. If the deed is now only in his name (if it was changed as part of the re-fi), he might be able to sell it out from under you.
This is why it’s always a good idea to put these types of transactions into a partnership or an S-corporation. There should have been some sort of written agreement prior to entering into this transaction that would discuss what would happen if one owner wanted out. A painful lesson learned, I guess.
Good luck!
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Yes, you can force a sale. The method is to file a suit for "partition" in the local court. There is essentially no defense to a partition action, tho you can quibble over special contributions to the property. The court will enter a "judgment of partition" determining each partner’s share interest and ordering the property sold at auction just like a foreclosure. Each part owner can bid & outsiders too. The difference is that each partner has a free bid up to the % limit of his interest. So you each bid on the property & the high bidder takes it, paying the the bid price (over the mortgage if there is one) to the court clerk & getting back his % interest. Very few partition actions actually go to sale, due to costs and risks involved. They almost always settle on one side buying the other out, or an agreed upon listing for sale. But the answer is, yes, you can force a sale.
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If it’s deeded to both of you, both need to sign in order to sell.
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no
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