Thursday, 16 October 2014

if i am 1 third owner on a title, can the other party list the property for sale without my signature

Question

if i am 1 third owner on a title, can the other party list the property for sale without my signature



Answer

A part owner can sell his part ownership; nothing more.

There usually isn't much market for a partial interest in a single-family home, or for that matter, most any other kind of real estate except larger income properties under professional management, where buying and selling fractional tenancies in common has become a more or less accepted financing tool.

Ownership of property is not a democracy where the majority rules. To sell an entire house, all owners must participate -- or, alternatively, one owner may try to get a court order for "partition" of the property by court-ordered sale and division of the net proceeds.



Answer

I agree with Mr. Whipple. The part owner can list the property, but any buyer or prospective buyer is only going to be able to buy that part owner's interest in the property. The buyer wouldn't be able to get your interest unless you also wanted to sell, and signed a deed conveying title to the new buyer or to the other selling owner.



Answer

List, yes. Sell, no. He can get the property owners sued by doing so.



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