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lwpat, Attorney
Category: Legal
Satisfied Customers: 25386
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: 7 years ago.
Category: Legal
Expert:  lwpat replied 7 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 7 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 7 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 7 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 7 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.
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