How do we get out of a property with partners (family)?
I am going to try and make a long story short, so if you have questions or need clarification please let me know.
My wife before we were married inherited 25% of one side of a duplex. The other 75% belonged to her brother and her 2 cousins. My wife's parents bought out the 2 cousins so that no one would have to deal with them and they would just go away. Now the current ownership is 25% my brother in law, 25% mother in law, 25% father in law and my wife has the remaining 25%. On a side note, my mother and father in law own the other side of the duplex 100%.
We want out but her parents are interested in buying us out and neither is her brother; so we are basically being held hostage in the deal. It is rented and cash flows to us about 1250-2000 per year.
Is there a way for us to force one or all of them to buy us out or to require the property to be sold. Since this is family there is nothing in writing other than everyone's name on the successor trust deed.
Thoughts? Suggestions?
Thank you for you time in advance!
Mathew