Posted by Tom – IN on July 22, 2001 at 21:16:31:
It all depends on the paperwork which originally set up the co-ownership, if any.
Co-Owners - Posted by Howard Chang
Posted by Howard Chang on July 22, 2001 at 12:51:15:
If there are several co-owners of a property. Doesn’t there have to be unanimous agreement to sell the property?
It seems like “majority rules” wound’t apply since you would need all signautres on a sales contract.
I would also assume that any individual co-owner has the option of selling their particular interest in the property with out approval from the others, as long as there isn’t any contract terms that prohibit that, correct? Then the seller’s name would be replaced on all appropriate papers with the new co-owner.
Thanks, appreciate the advice!
Howard
Re: Co-Owners - Posted by dewCO
Posted by dewCO on July 23, 2001 at 18:57:32:
Also with tenants in common, one owner can “partition” the others to sell. Check with an attorney on this. If they win in court the judge can order that the property be sold.
Re: Co-Owners - Posted by Paul_MA
Posted by Paul_MA on July 23, 2001 at 24:35:49:
If you want to buy the property outright, you will need the signature of every seller on the deed.
If the deed states that the owners are “tenants in common”, then each may sell their portion or percentage seperately.
“Joint tenancy” is the right of survivorship, but each may also sell their portion if all parties agree. Check with a r.e. attorney on this one.
Why would you want to be partners with a group of people you don’t know?