DEAR BENNY: I purchased one unit in a four-unit condominium in Florida, and all four owners share equally in the common expenses. The whole building cost $220,000, but the property value has now fallen to under $200,000.
One of the owners would like to quitclaim her share of the property. The other owners have decided to buy her share or take over payments. Since the market value of the property is less than the original purchase price, how do we go about buying her share?
We do not have a written contract regarding quitclaim. Is there a law or penalty that can be imposed on the party who wants to quit? --Syd