Are you a co-owner of a property and the other party isn’t doing what you want to do? Did you know, as co-owner, you have the same rights as any other (depending on percentages of course). Nevertheless, you have the power to do what you feel is best for you and the property.
Here at Fry Law, we have been getting a lot of cases where a co-owner is not being treated appropriately. For example, our client inherits a property with a sibling. Client wants to either sell or rent the property out to make it a financially viable asset. Sibling instead, moves in with several other people, refuses to pay the property expenses and refuses to pay rent. Client is not getting any enjoyment out of a property that equally belongs to him.
The remedy here is what’s known as a partition action. As a co-owner, you can force the other co-owner(s) to do what’s best for everyone, not just themselves. In the above scenario, Client has a few options. First, have the Court order that the sibling pay a fair market rent and her portion of property expenses. Second, have the Court order that the sister pay the brother his fair share of the market value. Third, have the Court order that the property be sold, and the proceeds split between co-owners.
In addition to the above, allegations of breach of fiduciary duty can be made. When you are co-owners, there is an implied partnership and/or joint venture. Partners or parties to joint ventures, owe fiduciary duties to one another. If you can demonstrate that a co-owner has damaged or otherwise misused the property, you may also recover damages.
Here at Fry Law Corporation, we specialize in cases involving litigation. These cases almost always require litigation to resolve. Call us for a full intake so we can get you on the road to resolution.