How do I disolve a tennants in common real estate deed contract. Other party has no interest helping pay tax?

Question

There is two names on the deed of property. The other owner, has left the state, and I can not find him, and don't have the money for a people search. He is not helping with property tax, and has no interest in the property. I would like to sell or buy him out, but with two names on the deed, what do I do. It is called a tennants in common realationship or contract. Help! if you can.

Answer 1

You said it. The only way to terminate a TIC is eityher thru a buy out or sale of property and share proceeds .....

The other people on the deed would have to sign the deed UNLESS they give you authorization (probably in the form of a power of attorney or a corporate resolution if you guys are a incorporated) to "negotiate the sale of teh proeprty and convey ownership to the new owner"....

Answer 2

You must find the other person and have them sign a quit claim deed to you. It is the only way that you can ever sell or refinance that property. The only other way is to sue them for abandonment. The quit claim can be drawn up by a title company and once signed in Front of a notary and filed for a fee of about $10 then you can do with the property as you see fit. Quit claim is the cheapest route to take.

Answer 3

You're going to have to contact a real estate attorney. As long as his name is on the deed, he owns half of that property. There may be some laws for property abandonment in your state but you'll need a real estate attorney to figure it out.

Unfortunately, you can't just go to the courthouse and take his name off the deed without his signature. You can't even sell it without his signature.

Answer 4

You need an Attorney versed in Real Estate tenancies.