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Can one party in an undivided interest gift their share of the interest to another party outside the undivided interest owners?
Wiki User
∙ 14y ago
Yes. You are free to sell you interest to any willing buyer.
Wiki User
∙ 14y ago
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May an individual gift their partial ownership (undivided interest) to another individual and retain a life estate when they do not own the entire property (other owners have an undivided interest)?
Typically yes
In an undivided interest property can one and only one partner give permission to hunt?
You should have permission in writing from all the owners of the property.
How are condo fees determined using undivided fee simple interest?
Assessments are paid by owners in condominium associations so that the community's operational expenses can be paid.Read your governing documents to determine how individual owners are assessed their share of assessments: allocated interest can be square footage, unit location or other determination.
What rights do you have if you own an interest in real property?
As an owner of an undivided interest in real property you have the right to the use and possession of the whole property. If there are three owners and the property is sold or partitioned you have the right to one-third of the net proceeds. You have the right to one-third of the profits.
When there are two names on a deed can one get a mortgage loan or do both parties have to sign for the loan?
Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.Al the owners must sign the mortgage or the bank will not be able to foreclose on the property in case of a default. If there is another owner you cannot grant a mortgage on their interest in the property.
Rights of 25 percent ownership of property?
I will assume you are referring to a twenty five percent undivided interest in real property. A person who owns an undivided twenty percent interest in real property has the right to the use and possession of the whole property. If the property is partitioned or sold that person will receive twenty five percent of the net proceeds from the sale. That person should also be responsible for paying twenty five percent of the costs to maintain the property unless some other arrangement is agreed to by the other owners.
Can one owner lease out property that is jointly owned?
No. All the owners would need to consent to the lease by signing it. If all the owners of the property, or their duly appointed agent, didn't sign the lease it would not be a valid lease. All the undivided interest owners have the right to the use and possession of the whole property but one owner cannot encumber the whole property.A lease signed by only one of the owners of the property is not binding on the other owners. The tenant would not have their permission to lease their property.
If parents sold an undivided interest in property to a son for a fair market value and the parents decide to sell can the son be forced to sell?
If you have an undivided interest in property you cannot be forced to sell by the co-owners. Only a court can force a sale. Your parents would need to petition the court to partition the property. The court would divide the property if possible. If not possible then the property would be sold and the proceeds, after legal costs, would be divided amongst the co-tenants. A partition proceeding can be costly. However, your parents could sell their interest in the property to a third party who would then become your co-tenant in common.
How can you relinquish rights to a property that your husband bought with 2 friends in NC?
Your husband must convey his interest to the co-owners by a quitclaim deed.Your husband must convey his interest to the co-owners by a quitclaim deed.Your husband must convey his interest to the co-owners by a quitclaim deed.Your husband must convey his interest to the co-owners by a quitclaim deed.
If property is jointly owned between three parties with right of survivorship can this property be divided among the parties if only two agree to the division or must all three agree?
A division of the property must be done by all three owners. If there are three joint owners each one owns a one-third undivided interest in the WHOLE property. It can only be partitioned by a court.
How does undivided interest apply to joint ownership of real estate?
Undivided interest means that each owner has the right to the use and possession of the entire property and one owner cannot divide the property so as to own their half, for example, as a separate portion.
Why won't my kitten pay any attention to me outside after dark but any other time she will?
Obviously, the dark influences your kitten's behavior. Cats are crepuscular hunters and nocturnal mating animals. Outdoors, there are more sensory inputs (sounds, smells) and cats are often not as interested in their owners. Inside, you may have their undivided attention.
