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Poohbear802 · Sep 17, 2009, 11:25 AM

:confused:

I own 99% of the house on title... my roommate owns 1%. We are tenants in common. I have already gone to a lawyer who has sent him the offer of 50% of the equity in the home as a buyout (plus forgiving over $3000 that he currently owes me as a subcontractor for his business). He has come back stating that he is retaining counsel. It will now be at least a 2 week wait to find out what's happening next.

If I have already made him an offer can he turn the tables and try to buy me out instead?

I invited him into this arrangement and the house that we purchased was chosen because of the proximity to my daughter's school.

ballengerb1 · Sep 17, 2009, 12:16 PM

I am confused, if you own you are not a tenant. You two co-own the property from what I see. Can you tell me exactly what the title says about the co-ownership?

Poohbear802 · Sep 17, 2009, 12:24 PM

The title states I own 99% of an undivided interest in the property... he holds 1% of an undivided interest in the property. I am in Ontario... here they call co-owners tenants-in-common from what I can gather.

ballengerb1 · Sep 17, 2009, 01:24 PM

Thanks, the slight changes in terminology from country to country can through me off. I think he is able to make an offer to you at any time. If he had accepted your offer then he could not but this could now be considered a counter proposal.