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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100053
Experience:  Lawyer
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My business partner & I own two thirds of a condo in Calgary

Customer Question

My business partner & I own two thirds of a condo in Calgary Alberta. We bought the condo 2.5 years ago because we do a lot of business in Calgary and when we are in Calgary we didn't want to stay in hotels. The other one third owner went in on this purchase with us for the same reason as us.
We no longer want to associate with the minority owner and would like to know what our options are. Would we be able to just sell it and give him his third of the money? Do we have to tell him we are selling it if that is what we do?
If we cannot just go ahead and sell it, what are our options?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.
Are all three of your names on title to the condo?
Customer: replied 1 year ago.
Expert:  Debra replied 1 year ago.
Then all three must sign before any property can be sold or title transferred. You can tell him you want to sell and that if he doesn't agree he can buy you out of your 2/3s interest. And if that doesn't work you can also tell him that you will proceed to court to get an order for the sale of the condo. You will succeed as the court will not want require you to own property you don't wish to own. This is something you should explain to him and explain that if you end up in Court you will seek an order for your costs and that means that he will end up having to pay for a good part of your legal fees.

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