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What if one owner of an undivided interest in real estate wants to sell but the other owners do not?
Wiki User
∙ 12y ago
"You can buy the co-owner out of his or her share of the property, then sell the entire thing as a whole. If the co-owner who doesn't want to sell won't sell his/her share, you can still sell your share to whoever you want. However, as a practical matter, unless we're talking about commercial property that already has several owners, it's doubtful that anyone would want to buy 1/2 an interest in most other property, like a house or something like that. So, unless you can find a buyer for your half interest in the property, you're out of luck."
In response to above, you can't always sell your part interest in a home. Often the deed is structured so both have to sign the deed of sale. If you own a house jointly with your spouse or someone with a right of survivorship you can't sell your 1/2 interest without the other owner signing the deed. Also it is not just commercial properties that have several owners. A lot of inherited properties have multiple owners and it often is a huge issue when some people want to sell and others don't, which is why it is important to detail that in your will if you are passing real property to your heirs i.e. if they don't agree on the fate of the property, they have to sell it and split the proceeds. Every State is different, but you can probably go to a lawyer to force the sale, especially in a divorce, but that means legal fees so the best thing is to try to work it out with the co-owner, perhaps telling her/him that you either sell the house or both of you are going to be paying big bucks in a protracted legal battle.
The main thing is to either do your own legal research or if that is not your thing get a lawyer to find out what you can and need to do in your specific situation.
Damien Bosco
Wiki User
∙ 12y agoWhen land is under co-ownership of two or more people who cannot agree on what to do with the land, any owner can file a Petition to Partition in the appropriate court.
The court has the power to divide the land if that is feasible such as when there are multiple tracts or a single large tract. If dividing the land is not feasible then the court can order a sale and the net proceeds are divided according to each owner's interest after the costs and expenses associated with the Partition have been deducted. You should consult with an attorney who specializes in What_is_a_petition_to_partitionlaw.
Property owned as tenants-by-the-entirety cannot be partitioned.
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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
I own the real property I have an undivided half interest but my mother has a life estate do we both have to agree on what is done to the property?
Yes. Your mother would need to sign any mortgage or deed of sale for the property and any other instrument that would encumber the property. That would also apply to the owner of the other undivided one-half interest.
Can one party of an undivided interest change the percentages without the consent of the other undivided interest parties?
Absolutely not.They can only manage what they own. They can't take possession of someone else's property. The deed into the parties or the estate from which it was inherited determined the proportionate interests. They cannot be changed by a co-owner unless the co-owner buys out another owner's interest and acquires it by deed.
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 is the job description for a real estate broker?
A real estate agent helps home owners sell their homes. They also help buyers communicate with other real estate agents when they have an interest in a home.
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.
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.
Does undivided interest lower the value of the land?
No. An undivided interest in property means that two or more persons own the real estate and each has the right to the use and possession of the entire property even if they own only a one-half undivided interest.
How do you buy a one half owners interest in real estate if you are the other half owner and the person is deceased and the court has appointed you the indepentant administrator through Probate?
You need to contact an attorney who specializes in real estate and probate law who can review your situation, explain your options and draft the proper deed.
Are you entitled to half of a joint bank account?
No, you have an undivided interest in the entire bank account and it is up to you and the other joint tenants of the account to agree how the account will be used. If you are the sole remaining joint owner, then the entire account becomes yours. If you die before one or more other joint tenants, you and your estate have no further claim to the account, even if it was entirely your money that was deposited.
How do you legally divide undivided interest property?
If you no longer want to own the property you can sell your interest to the other owner or to a third party if you can find someone who wants to take over your interest in the property.If it is a large tract and you want to divide it you can arrange to have the tract surveyed and subdivided and an attorney can draft deeds to legally transfer the subdivided parcels to each respective owner. Each will become the sole owner of a smaller tract.If you want to sell and the co-owner does not want to buy your interest then you must file a petition in court to have your land partitioned. (See related question link.)
