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lwpat, Attorney
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Experience:  Actively practicing trial attorney
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I am an owner joint tenancy in a property in North Carolina

Resolved Question:

I am an owner joint tenancy in a property in North Carolina my partner is being foreclosed
on on his portion. It has not gone to sale. I received an offer on the property today from
a principal. How would this work. Also my purchase price and expenses look like there will
be nothing left even for my partner. Thanks
Submitted: 5 years ago.
Category: Legal
Expert:  lwpat replied 5 years ago.
You can sell your portion but you cannot sell his part. The person that owns your share will have an advantage at the foreclosure sale.
Customer: replied 5 years ago.
<p>Okay I understand I can sell my portion I don't understand about the person who owns my share.</p><p>Also the expenses and purchase price outweigh everything else there seems to be nothing left for the person that is foreclosing. Are you a real estate attorney?</p>
Expert:  lwpat replied 5 years ago.
I am. Most people will not want to own a half share in property. Therefore the person that owns your share has the advantage when the property goes back to the bank in purchasing it from them at a reasonable price. The purchase price of your share has nothing to do with the foreclosure of his half so I don't know what you mean by expenses and purchase price not leaving anything.
Customer: replied 5 years ago.
It is a private party foreclosing on his share. I thought they could not touch 1/2 my purchase price and documented taxes and fix-up costs is that true?
Expert:  lwpat replied 5 years ago.
They cannot touch your one half share of the property. If you have spent money improving the property, then they will get the benefit of that upfit.
lwpat, Attorney
Category: Legal
Satisfied Customers: 25384
Experience: Actively practicing trial attorney
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lwpat
lwpat
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