own a vacation home with a friend and want out

[binder]

Purchased a vacation home with a friend 5 years ago. We had a VERBAL agreement that when one person wanted out that we would sell to the other person or put up for sale and split the money 50:50. All the money that has gone in to the house has been done 50:50. We have a lot of equity and limited amount left in the mortgage.

I am presently in a situation where I may need to get out of this arrangement due to finances. In out initial discussions the other person is not interested in renting the house to break even on the expenses, buying me out, or putting the house up for sale. Legally what are my options?

 

[presutin]

You can tell her that due to your financial hardship you will have to put your half for sale. Consult with an attorney to transition this verbal contract into a formal contract before you decide to sell your half though. Good Luck!