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Does equitable rights and interest mean someone has partial ownership of a property and can legally sell it to another buyer?

Chicago, IL |

Can someone with equitable rights and interest sell their partial ownership to another buyer here in Illinois?

Can I sell my partial ownership myself or do I need a real estate agent?

Attorney Answers 2


Your question is a little confusing. Generally a partial owner in real estate can sell their interest to a buyer (if you can find one). A real estate agent is not needed, but it would be foolish to act without the counsel of a real estate attorney.

Your question appears to be a real estate question, so I have changed the category accordingly to attract qualified attorneys.

Though we strive to provide accurate legal information in our answers on AVVO, our answer should not be construed as legal advice and it does not create an attorney-client relationship. Our firm only forms attorney-client relationships by written agreement signed by both our firm and the client. Please seek an in-person consultation with an attorney immediately as almost all legal matters are time sensitive and failing to meet deadlines can result in adverse consequences.

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There are a number of ways you can have an equitable interest in real estate. Two common ways would be to be a contract purchaser or a beneficiary under a trust. You can sell any interest you have in real estate, but the question is, will someone be interested in buying only part of the "bundle of sticks" which comprise interests in real estate. You would not need a real estate agent, but I cannot stress enough the importance of having a real estate attorney represent you.

By the very nature of Avvo, you have only provided limited facts and no documentation, therefore, our response to your question is treated only as a hypothetical, and as such it is merely general in nature. You should not rely on this response in taking or forgoing action in your circumstances without discussing this matter with an attorney. If we had the opportunity to ask you sufficient questions and review relevant documents so that we were satisfied we had all of the relevant facts and circumstances, our response might differ significantly. Without the opportunity to ask you questions, and review all relevant documents and memoranda, we are simply unable to provide any form of legal advice. Our response to your question does not create any attorney-client relationship between us, and we are not acting as your attorney. We reserve the right to decline representation in any case. By answering your question, we are under no obligation to answer further questions. There are very specific deadlines for filing a lawsuit, replying to a lawsuit filed against you, or taking other action in order to preserve your legal rights. You should contact an attorney immediately in order to be fully advised of your rights, and so that you are aware of those deadlines. If you fail to act within the required time frame, you might be forever barred from asserting your rights or defending your position. The attorney answering this question is licensed in Illinois and Iowa only.

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