In my opinion, you have only two choices. If the third person has money, you both can be bought out so the third person will own the entire property. But that doesn’t always work.
Who are the owners of the Florida condos?
Last year, the complex was sold to a group of investors calling itself Madison Oaks Partners. They said the condominium “failed,” and claim they are within their legal rights to buy out the current owners at “market value” and convert the condos back into rental apartments.
Are there any misconceptions about buying a condominium?
A condominium can provide a less-expensive entry into the housing market, and is also a low-maintenance downsizing option for seniors. However, misconceptions about condominium ownership abound, which can often keep potential buyers from considering them as an option. They can also leave condominium owners frustrated by condo living.
Can a condominium owner in Florida be forced to sell?
Florida state law used to require that 100 percent of owners approve termination of a condominium agreement, but an amendment to that law in 2007 dropped that to 80 percent. It did stipulate, however, that if 10 percent of owners disapproved, the termination could not move forward.
What are options when three people own property and only two want to sell?
Three people own a property and two want to sell. Now what? (Billy Hustace) Q: What are the options when three people own property and only two want to sell?
Can a person be the owner of a LLC?
LLC owners are known as “members.” LLC laws don’t place many restrictions on who can be an LLC member. LLC members can therefore be individuals or business entities such as corporations or other LLCs. It is also possible to form a single-member LLC whose only owner is another LLC.
Can a single member LLC be a sole proprietor?
Since there is no separate LLC tax, the owner can avoid double taxation on both the rental income generated by the property and the appreciation in value of the property upon disposition. Moreover, the owner of a single-member LLC can deduct mortgage interest similar to a sole proprietor based on current IRS rules.
