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Partition of real estate question
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I own a cabin with 3 friends ( 1/3 equal ownership) I want out of my share, they do not want to sell. I am told I can do a partition of real estate ( CO statutory 38-28-107) How does this work ? will a court really force the sale of the property against the other 2 partners will? Please explain how this will work. Pros,Cons of pursuing this option
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The court can force the other two claimants to pay you your one third value, once the court establishes that value. Or they can force the sale of the property. Once the decision is made, it is court-ordered! The pro side is you will get your money. The con side is, you will need a lawyer and you have to pay the court costs. Also, if you force this issue, these friends will not be happy campers, and the friendships will no doubt come to an abrupt end....
Answer Date: 01:02pm 09/08/08
