I am part owner of a house with 4 other people.In order to meet my expences I may need to sell.Can I?

Question

Is this my right by law,or can the other owners,prevent this.All own an equal share.

Answer 1

depends on your contract as co-owner

Answer 2

Hi there,

When 4 people own a single property there could be what is known in English law as a joint tenancy. This form of tenancy is very special. Each person owns 1/4 share, but there is a right of survivorship. That is should one owner die etc then the other owners then become 1/3 joint owners and as the tenancy requires (Section 47 Law of Property Act 1925) 4 people Section 46 Says that the property must immediately be sold. Moreover, as all tenants own 1/4 share in equal shares the provisions of Section 47 say that each person owns 1/4 share but not which 1/4 share. Where are the tenants actual boundaries and what do they actually own. Answer: All and nothing.

However, if you have a joint tenancy there is a right of severance ie making a will, sectioning off part of the property and not allowing others access etc. This is in conflict with the tenancy as the tenany is now saying that there are distincty boundaries when in a joint tenancy there are none: Severance!!

However, the other tenants have a right to remain their property and this right is known as the rule of majority. If 3 tenants want to sell the property, then the other tenant must sell. If 1 tenant wantrs to sell, there is no compulsion on the other tenants to sell as there is no majority wanting to sell. Thus you will have to sell your share to an existing owner or to a 4th party if you want to get out of this problem. The problem is not many people wanty to buy into a joint tenancy as they would own nothing distinct and find it hard to sell, as well as all the arguments etc that go on in such things, i.e. power struggles.

You're only option is to seek a buyout from your existing tenants.

Kind regards

Michael Cavanagh

Answer 3

Talk to a realtor. You may be legally able to sell your share, but as a practical matter, nobody will want to buy 20% of a house unless they plan to move in. And not many people will want to move in with 4 strangers. I would think your best bet would be to try to sell your share to one or more of the other owners. If you sell it to someone outside the group who doesn't move in, they could legally charge rent to the other 4, who would be occupying the new buyer's property - or share of the property. Otherwise, there's not much incentive for someone to buy your share.

When you bought the house with the other people, did you draw up any co-ownership agreement with them? If so, that would probably spell out how you can sell your share, and how much they may offer you for it.

Answer 4

"All own an equal share".

Are you tenants in common? Depending on the state you live in, you may be able to sell your share to a totally different party, one or all of the other 3 parties, or not at all.

Check with the clerk's office or a real estate atty,

Answer 5

No, you can't force a sale of the property. This is the risk you take when buying jointly.

When buying a property this way, all parties should enter into a contract between them stipulating how the partnership can be disolved. If you didn't do that, you are stuck owning 25% of the property.

Answer 6

No. I think you will have to get agreement depending on what the original arrangements were. This kind of situation can prove very complex.

Answer 7

if you are just selling your share, then providing the others involved are happy with that then there should be no problems, how about getting the others to buy your share between themselves, that way at least they main control

Answer 8

If all of you are on the loan papers, then the loan would have to be redone from the very start. Could get quite messy.

Answer 9

it is your legal right but as i understand it you must give the other 3 the opportunity to buy your share before you offer it to the open market.

Answer 10

You can sell your share.