Has anyone been through this before? How does it work and what kind of costs to be expected?

I bought a condominium in LA with my nephew 2 years ago which is the length of time we both agreed to invest on one. However there's a change of plan on his part & he agreed to buy my share.

The property has gone up in value a lot due to it's location also ( 15mins drive to Beverley Hills) & I would like to reinvest my profits to somewhere else now.

Any information will be much appreciated.

Thanks.

Perhaps I'm being naive (quite likely) but can you not simply have it valued to determine what its worth now and your relative must pay you half that amount to buy you out? I realise there will be minor details to sort out and if you have mortgage where your income is taken account that could make things awkward, but fundamentaly you want half the property value if you are to be bought out.

You could even get two surveys done and take average value as estimate of property's worth.