what are my rights if i dont want to sell my half of a property that is owned by tenants in common?
what are my rights if one owner wants to sell his share of a property held by tenants in common
- Anonymous10 years agoFavorite Answer
You would have to pay them their share then. You can not deny them the right to their property.
- Glenn SLv 710 years ago
How many partners and what % of the property do you own? If you are a minority/junior/limited partner you have no control if the other partners (or the senior/general partner) have a majority interest and want to go against you. If that is the case you are basically along for the ride sitting in the back seat.
You options are to either buy out a majority interest, sell to out, or file a "partition" law suit that would force a sale by all partners.
Do you have a partnership agreement, and what does it say? If you are limited partner you have little or no control of the day-today management. While the general partner has full control of the management to the property. Under a general partner/limited partner agreement about the only option you would have is sell your share. You couldn't force a sale unless there was maleficence by the general partner.
- 10 years ago
Holding title as tenants in common means that each party owns a specific percentage of the property. Each party is free to deal with their respective share as they see fit. They can sell, will, give, or otherwise encumber their share. However, and it is a big however, the receiving party for such interest will now be in common ownership with the remaining tenants in common.
In practice, it is usually difficult to find a buyer or lender willing to participate in such a plan. But, transfers to other family members or friends or charities is certainly possible. If you don't want to sell your half, you don't have to do so. You will simply remain a half owner with whoever buys the other interest.
Or, perhaps you can buy the other interest yourself and thus become the sole owner if you co-tenant will sell it to you.
- facconeLv 43 years ago
study the hire. If it has no exception for showing for skill sale, then he want no longer agree. As to the sign, study the hire. If he additionally rented the backyard and agreed to maintain the backyard, that's his till the tip of the hire. That being pronounced, all issues are negotiable. as quickly as you study the hire you will comprehend how good of a bargaining place you have. If it demands be conscious which you will no longer renew, then provide that be conscious. Then, in case you pick the tenant to do some thing that he would not could desire to do, like pass, or enable inspections, the two one in all you have gotten the ability to barter with wisdom of your respective rights and standard jobs.
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- 3 years ago
examine the employ. If it has no exception for exhibiting for capacity sale, then he pick not agree. As to the sign, examine the employ. If he additionally rented the backyard and agreed to maintain the backyard, it is his till the top of the employ. That being suggested, all issues are negotiable. as quickly as you examine the employ you will understand how good of a bargaining place you have. If it calls for notice which you will not renew, then provide that notice. Then, in case you pick the tenant to do some thing that he would not might desire to do, like circulate, or enable inspections, the two certainly one of you would be waiting to negotiate with understanding of your respective rights and household initiatives.
- 10 years ago
They would have to sue you to force a sale.