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When tenants in common, both parties shares are independent and equal, hence each party has a right to sell or force a sale. Unless a prior written agreement via solicitors was made at the time of purchase with regards to ownership, percentage etc the property will be ordered to be sold by a court regardless of objections by the joint owner. Proceeds would be shared equally. This is the key advantage of a tenants in common situation. The owner who does not wish to sell would have the right to buy out the other if they wish to hold the property.
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∙ 12y ago
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Do you continue to pay rent when a foreclosure sale has been postponed?
Yes. The tenant owes the rent to the landlord, right up until the foreclosure sale happens.
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.
Can a tenant keep you from entering a home you own and have currently for sale?
no
Can a landlord who's house went into foreclosure and he fill bankrupt and he has a section 8 tenant living in the unit 8 tenant still have to pay their family tentant contribution?
It might be best to ask the Housing Authority that issued the voucher. Bankruptcy has nothing to do with the tenant. As far as the foreclosure, it depends on what stage the foreclosure is in. Until the foreclosure sale happens, the tenant owes the rent to the landlord.
Can a joint tenant force sale of the property?
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.
Can a foreclosure attorney collect rent from a tenant before the sale?
yes
How long after a trustee sale does a tenant have to vacate in california?
30 days
What happens if one tenant in common records a note or mortgage?
If the tenant in common who mortgaged her half interest defaults on the loan then the lender can only foreclose on that half interest. The lender would have to share the property with you. It could petition to partition the property, try to force a sale and share the proceeds with you. Their legal costs would come out of their half not yours. A foreclosure and partition would be very expensive for the lender. The important point here is that your half is free and clear of the mortgage unless you signed it.
Is it illegal to have your tenants pay rent to another individuals bank account while you are going through foreclosure and not making mortagage payments?
Until the foreclosure sale happens, the tenant owes the rent to the landlord. What is happening between the landlord and tenant is really none of the tenant's business. And, yes, a landlord can certainly ask the tenant to pay the rent to someone else, acting as an agent. However, the tenant would be within his rights to say, "No, I'll only pay to the landlord."
Are unbuilt lots considered common areas of a condo association?
No, only defined "common areas" owned by the condo association are considered common areas, and unbuilt lots usually belong to an individual (e.g., the developer or an investor). If the association owns them, they are most likely reserved for sale to a future tenant/builder, although the proceeds of the sale will go to the association.
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.
What should I know before listing an office space for sale?
You need to be familiar with the commericial landlord/tenant laws in your states. Commercial landlord/tenant law is different to residential law. You need to know your rights and responsibilities as far as the tenant is concerned.
