Owning a property as co-owners is a great way to share expenses and responsibilities. However, when one co-owner fails to pay their fair share of the taxes on that property, it can be difficult—and costly—for the other owners. This blog post will discuss what steps you should take if your co-owner fails to pay their portion of the property taxes.
Talk to Your Co-Owner
The first step in resolving any dispute with an owner is to speak directly with them about their failure to pay property tax. Explain why it’s important for everyone involved that all owners remain up-to-date on their payments, and ask for assurance that they will honor their commitment going forward. If your co-owner refuses or is unable to make payments, then you may need to consider other options.
Contact a Real Estate Attorney
If your co-owner continues to fail to make payments or refuses outright, then it may be time to seek legal advice from a real estate litigation law firm who specializes in dealing with issues such as these. An experienced attorney will be able to assess your situation and advise you on the best course of action. This could include filing a lien against the delinquent owner’s portion of the property or pursuing legal action against them in court if necessary.
File for Bankruptcy Protection
If all else fails, you may need to file for bankruptcy protection against your co-owner’s portion of the property. Bankruptcy protection can help protect you from further losses due to unpaid taxes and can also help prevent future property tax delinquencies by forcing your co-owner into a repayment plan. However, this should only be considered after all other options have been exhausted as it can be an expensive process and has long term implications for both parties involved.
Dealing with an owner who has failed to pay their portion of the property tax can be stressful and costly for everyone involved. Fortunately, there are steps you can take in order to protect yourself and ensure that all owners remain current on their payments. Start by speaking directly with your co-owner about their failure to pay; if they refuse or are unable then consider seeking legal advice from a real estate attorney or filing for bankruptcy protection against their portion of the property as a last resort measure if necessary. No matter which route you decide upon, always remember that taking action sooner rather than later will help ensure that everyone involved remains up-to-date on their payments and remains protected from potential losses due to nonpayment of taxes.