About Levi Brooks Expertise I am a licensed Real Estate Salesperson in the state of Georgia.
I can give detailed answers to questions regarding real estate transactions in Georgia.
I can answer general questions regarding the home buying or home selling process in other states.
I am not a licensed attorney, so I cannot and will not answer any questions that require legal advice or an attorney-client relationship.
Experience I am a licensed Real Estate Salesperson in the State of Georgia.
I am a member of the Georgia Association of REALTORS(R) and the National Association of REALTORS(R).
Question I own a lake house with 3 other people... I am wanting to have one of them buy out my portion of house. I asked an agent if they were to list home now what would it go for.. she stated 245,0000.. we bought the house 6 years ago for 215,000... can u tellme what the correct process is to do this matter? I always thought if someone were to buy me out they would buy back the portion that i put into the home.
Answer The correct process will depend on the type of deed that was used to convey ownership. With group ownership, there are a couple ways you could have taken title. If you each received a deed for your portion of ownership, you can sell your portion and transfer the deed directly to the new owner. However, if 1 deed was issued with all of your names on it, the transfer will have to be agreed upon by all parties listed on the deed (this type of deed can be broken up by a court order, however).
My suggestion to you is to seek out a Real Estate Attorney, explain your position, and let them draw up the new deeds.
