Partitiion Law?

[bannie7]

My boyfriend owns a home with a friend, no written contract, house is now paid for, partner wants to sell out entirely or sell out to other partner. Other partner has agreed to buy him out but can not til he's been employed for a minimum of 3 months, which will not be til Jan/Feb. (employment) First partner has thus threatened with a Partitions act if second partner doesn't find another way to speed up buying him out. (Must imput here)

First partner came up with a deal of buyout from his employer at a top dollar and now feels since a deal has been laid out on the table that second partner has 60 days to decide?! There hasn't even been an appraisal done yet.

WE NEED HELP AND ADVICE.

Thank you
bannie7
State of Wisconsin

 

[David J. Miller]

Is first partner your boyfirend or 2nd partner? Your post is very confusing and you have not provided essential information such as original purchase price, who paid for what, how long have they lived there, need more specifics regarding employer deal, market value, how do you know the deal you mention is top dollar if there has not been appraisal?

You should pretend for a minute that you are not intimately involved with either partner, then read your post and you'll see how very confusing it is.

 

[HomeGuru]

Swing yer partner do si do,
kick em in the arse, to and fro,
siwng yer partner round and round,
throw em in the toilet, flush em down.

 

[bannie7]

REPLY to / on Partitiions

Boyfriend is #2 and wanting to buy #1 out. Employment is to start again in Jan., banker told #2 that he'd have to wait a minimum of 3 months employment before a loan would be considered.
The original purchase price was in 1988 for $45,000.00 with 4 partners each having put in $3,000.00. Then within first year Keith (#3) was bought out for $4,000.00. Then 10 years ago Bill (#4) was bought out by the 2 remaining partners for $7,000.00. The remainder of the loan now at $35,200.00.
#1 and #2 each paid half of the loan amount monthly and split all utilities and if repairs needed to be done and #2 would do the work and they would split equally the cost of materials. (NO Labor)
#2 started living here before the #4 partner was bought out (10 yrs ago). #2 then paid ALL utilities and #1 only paid for the half of loan, monthly.
A market value was sought through a real estate agency back in March and was quoted at $119,000.
#2 had gone ahead and put house for sale in local paper and in newspaper in his home state of Illinois and before long people were coming to see the house. One couple in particular were real estate brokers and had told me that the house was being sold for TOO much money. ($149,500.00)