Home Selling in 08230>Question Details

Louie, Home Seller in 08230

I own a commercial property with four siblings. If none of my siblings want to buy me out, can I offer my 25% share for sale to the public?

Asked by Louie, 08230 Thu Nov 24, 2011

We have no buy/sell agreement or other contract prohibiting this. The property is in New Jersey.

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3
A short answer is "yes". But would anyone want to buy it? They'd be a minority owner in a venture whose other owners may be pissed off. That's a good thing to stay clear of. I'd recommend working with the family and legal counsel to find a (perhaps creative) way to cash you out.
0 votes Thank Flag Link Sun Dec 18, 2011
Have you discussed this with your siblings? In the interest of family harmony, It seems like that is the place to start. Given the option of becoming business partners with a total stranger may not appeal to them and they may get very creative with a way to come up with the funds to buy you out. If that fails you really need to have a discussion with an attorney experienced in real estate law to determine your options.
0 votes Thank Flag Link Sun Dec 18, 2011
Louie,

Unless the property has multiple units that could be divided up in 4 equal parts and sold as condos I would not see any way to do that. I would think that if you were to try and sell your share to a stranger that your other relatives would now have a partner that they dont know it could be trouble for them.

The other relatives could pull equity out of the property and buy you out or just agree to sell the property.

If you need a value on the property, let me know.

Edward ( Augie ) Augsberger
WEICHERT COASTAL

Direct # 609-338-1189
0 votes Thank Flag Link Thu Nov 24, 2011
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