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Question

I have two cousins who are brothers who recently bought a condo together. They bought the condo outright with cash, one brother put in 60% of the money while the other put in 40%. The property is in the name of the 40% brother so that he would not have to pay a penalty with capital gains which is the reason why the other brother went in with him. The 60% brother lives in the condo , hates it, and was told after the fact that he would have to live there for 2 years so that the other would not be penalized. He wants the condo to be sold, what is his legal recourse?

Submitted: 231 days and 13 hours ago.
Category: Legal
Value: $30
Status: CLOSED
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Posted by Tina G, BBA, JD 231 days and 13 hours ago.

Info Request

<p>Thank you for contacting our JA team for guidance.</p><p>                           <br />Please let me know what state the property is in. </p>

231 days and 13 hours ago.

Reply

Hi Gina G. you said you need more information to answer my question. What info do you need that I can provide?

Posted by Tina G, BBA, JD 231 days and 13 hours ago.

Info Request

Just what state the property is in as state laws vary.

231 days and 13 hours ago.

Reply

the property is in the state of New Hampshire

Accepted Answer

I see. The cousin who wants to sell the property would need either to try selling his interest in the property to someone else or file a petition to partition the property. Since real property is often difficult to divide and selling a partial interest in property may be impossible unless the cousin has a buyer in mind, a court will generally order the sale of the property and the proceeds divided equitably in proportion to the joint owner's interests.

Please let me know if you need additional information.

Best regards,
TG


Please press the "accept" button so I may be credited for my time when I have answered your question. I am available to answer follow-up questions or to clarify this answer. Thank You.

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Expert: Tina G, BBA, JD
Pos. Feedback: 99.1 %
Accepts: 
Answered: 4/5/2009

Lawyer.

licensed attorney for 12 years including employment, business, contract, domestic, and general civil

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