We want to sell a house with 3 owners. Just with the 2 owners its 70% and the 3rd owner has 30%. Can the 2 owners go ahead and sell the house and the 3rd owner because of % of ownership just has to accept it and sign 'on the dotted line". Is that right?
2007-03-27 08:35:50 · 6 answers · asked by uptownwa 1 in Business & Finance ➔ Renting & Real Estate
Each and every party who has an ownership interest in the property must sign the listing agreement.
I have a client who wants to sell a property which was originally owned by 6 families. There have been deaths, and probates, etc. One of the heirs, who owns 1/16th of the property will not sign a listing agreement. My client is now expending monies to initiate a court action to force the heir to sign, or partition off his portion to be held in trust. But NO, they can't sell until the Court says it's OK to sell if you have an uncooperative owner.
I hope this helps to answer your question.
2007-03-27 08:44:10 · answer #1 · answered by carmensellsthehighdesert 3 · 0⤊ 0⤋
It depends on how the owners took title. If they are vested as "tenants in common," each hold an individual, undivided ownership interest in the property. This means that each party has the right to alienate, or transfer the ownership of, his/her ownership interest. This can be done by deed, will, or other conveyance.
Read your grant or quit claim deed to see how the current owners acquired title.
2007-03-27 15:54:57 · answer #2 · answered by ucla987 2 · 0⤊ 0⤋
No, all owners must sign, unless one of the sellers has a Power of Attorney to sign for the party (3rd owner) not present.
2007-03-27 16:38:14 · answer #3 · answered by cottagstan 5 · 0⤊ 0⤋
No way!!! The two owners can sell their share, but the third does not have to sell. The third can buy the other owners out if he/she wishes, the no the third doesn't have to do anything he/she doesn't want to do.
2007-03-27 15:41:45 · answer #4 · answered by jdecorse25 5 · 0⤊ 0⤋
Whomever's name is on the deed or title will have to be involved in the transactuon regardless of the percentage in ownership.
2007-03-27 15:39:58 · answer #5 · answered by Anonymous · 0⤊ 1⤋
No, everyone has to mutually agree.
2007-03-27 15:41:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋