Whenever real property is owned by two or more individuals (who are not married), the question sometimes presents itself: “I don’t want to own this property anymore, or I don’t want to own this property with a certain individual - What do I do?”
There are a few obvious simple options to try first. Initially, the easiest option is for the property owners to agree to market and sell the property to another individual and divide the proceeds. The property owners may also agree to a buyout, in which one of the owners would purchase another owner’s interest in the property. This option is particularly desirable if one owner wishes to keep the property and is financially able to affect a buyout. A third option is for an owner to sell and/or transfer their interest in the property to another individual. In reality, this option is very unlikely to succeed as individuals rarely are willing to purchase a partial interest in real property and enter into a co-ownership relationship with an unknown individual.