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Yes, land owned by tenants in common can be sold by a court decree through a partition proceeding in a court of equity. However, the costs will be deducted from the proceeds of the sale before they are equally divided between the co-owners. A partition proceeding can be costly.
The issue should be discussed with the other tenant in common first. It may be cheaper for them to buy out the interest of the co-owner who wants to sell.
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What property is considered TBE property in Pennsylvania?
Tenancy by the entirety is presumed in Pennsylvania when real property is conveyed to a legally married couple. That tenancy shields property from execution on the debts of one spouse. The proceeds from a sale of TBE property are also shielded even after deposited in the bank. Neither tenant can force the sale of TBE property nor can one sell their interest so as to defeat the survivorship rights of the other.Tenancy by the entirety is presumed in Pennsylvania when real property is conveyed to a legally married couple. That tenancy shields property from execution on the debts of one spouse. The proceeds from a sale of TBE property are also shielded even after deposited in the bank. Neither tenant can force the sale of TBE property nor can one sell their interest so as to defeat the survivorship rights of the other.Tenancy by the entirety is presumed in Pennsylvania when real property is conveyed to a legally married couple. That tenancy shields property from execution on the debts of one spouse. The proceeds from a sale of TBE property are also shielded even after deposited in the bank. Neither tenant can force the sale of TBE property nor can one sell their interest so as to defeat the survivorship rights of the other.Tenancy by the entirety is presumed in Pennsylvania when real property is conveyed to a legally married couple. That tenancy shields property from execution on the debts of one spouse. The proceeds from a sale of TBE property are also shielded even after deposited in the bank. Neither tenant can force the sale of TBE property nor can one sell their interest so as to defeat the survivorship rights of the other.
What type of property ownership allows you to own your share independently and retain the right to transfer that share by sale?
Owning property as a tenant in common or as a joint tenant allows the owner to sell their proportionate interest. However, in a joint tenancy with the right of survivorship, the share of a deceased owner passes automatically to the surviving owner bypassing probate. During life that share could be sold. In the case of a tenant in common, their share passes to their estate when they die.Owning property as a tenant in common or as a joint tenant allows the owner to sell their proportionate interest. However, in a joint tenancy with the right of survivorship, the share of a deceased owner passes automatically to the surviving owner bypassing probate. During life that share could be sold. In the case of a tenant in common, their share passes to their estate when they die.Owning property as a tenant in common or as a joint tenant allows the owner to sell their proportionate interest. However, in a joint tenancy with the right of survivorship, the share of a deceased owner passes automatically to the surviving owner bypassing probate. During life that share could be sold. In the case of a tenant in common, their share passes to their estate when they die.Owning property as a tenant in common or as a joint tenant allows the owner to sell their proportionate interest. However, in a joint tenancy with the right of survivorship, the share of a deceased owner passes automatically to the surviving owner bypassing probate. During life that share could be sold. In the case of a tenant in common, their share passes to their estate when they die.
Can one owner force 2 others to sell house?
Maybe. Such issues generally end up with the parties who wish to sell the property filing a suit in circuit court to have the property partitioned. The judge decides whether or not the property in question is subject to a forced sale under the existing laws of the state where the property is located.
Joint Tenancy Warranty Deed vs Divorce Decree If a warranty deed is in Joint Tenancy and a divorce decree says its a 60 40 split which document rules?
Ok the property is held in joint tenancy which means upon the death of one of the joint tenants, the property, by operation of law, passes to the survivor. The Divorce Decree (Judgment) does not effect this. Now if a memorandum of the Divorce Decree was recorded it would become a lien on the property and would eventually have to be satisfied from a sale. If both of the joint tenants are alive, the Divorce Decree controls. If one of the joint tenants dies the estate of the deceased joint tenant would have a claim against the surviving joint tenant under the Decree. Tony B.
What are the risks involved in joint tenancy titles?
There are no risks in owning land in a joint tenancy with the right of survivorship. It is a tenancy that is chosen by co-owners who want the title to remain between them if one should die. When one dies the other automatically becomes the sole owner. If the relationship changes the tenancy can be easily broken and converted to a tenancy in common whereby the interest of a co-owner would pass to her estate and to her heirs-at-law upon her death. That conversion should be done with the help of an attorney who specializes in real estate law. One joint tenant can sell their interest in the property and that conveyance would convert the tenancy to a tenancy in common. One joint tenant can force the sale of the property by a Petition to Partition. The court would appoint a commissioner to sell the property and the net proceeds would be divided after the payment of legal costs and the costs associated with the sale.
Can a credit card company put a lien on jointly owned property when only one person is the named debtor in Florida?
A lien is possible but it could not be used as a forced sale for recovery of monies owed. The lien would stay valid until paid or the person whom the judgment was against died. The aforementioned does not relate to marital property as Florida law allows and presumes that a married couple holds real property as Tenancy By The Entirety and cannot be attached in any manner when only one spouse is the debtor.
Can siblings force the sale of inherited property in Florida?
Siblings can force the sale of inherited property in Florida. All siblings must agree or the property will have to be sold and split up, as long as each of them are on the property's name and/or will.
Can siblings force a sale of inherited property in Indiana?
It depends on how the estate was distributed. If the property was left to a specific person, no, they cannot force the sale. If it is part of the estate in general, they can force the sale or require the person who wants it to pay them for their share.
If a tenant in common dies and states in their will that the other tenant can live in said property until death or sale what is the living person's financial obligations?
If property is not yet paid off, the living tenant must keep up with the mortgage payments or forfeit the dwelling to the next of kin.
What is surviving joint tenant. i purchased a boat from the seller and the surviving joint tenants didn't sign the bill of sale. owner is still alive. the coast guard wnats to know why?
Generally:If the owner didn't sign the bill of sale then you don't have any proof you purchased the boat. That means you have no proof of ownership. The legal owner, who in your case is the surviving joint tenant, must sign the bill of sale. In most jurisdictions you need a fully executed bill of sale to get a certificate of title and registration.
What is the difference between a perpetual lease and a sale deed?
A lease is the written agreement under which the property owner allows the tenant to use the property for a period of time in exchange for the payment of rent. A sale is an agreement in which property is transferred from a seller to a buyer for a fixed price.
If a property is owned jointly and there is a judgment on one of the owners can the property be sold?
A creditor can force the sale of only the debtor's interest in jointly owned property. However, creditors don't often bother to try to sell a half interest in property.On the other hand, if the joint tenants want to sell the property, the lien must be paid off in order to clear the title so the property can be sold. The lien is generally paid from the proceeds of the sale at the time of the closing.In the case of a tenancy by the entirety, a creditor cannot force the sale of the property for a debt made by one of the tenants by the entirety. If the property must be sold by the owners the lien is generally paid off from the proceeds of the sale at the time of the closing.
