Have you heard that the average age of a first-time homeowner is 33 in America?
As the cost of homes continues to skyrocket, lots of people are exploring unique buying options. This could involve investing in a property with others.
Can a jointly owned property be sold by one owner? Read on to learn about the tricky drawbacks of selling when other owners aren’t ready.
Understanding Joint Tenancy
In joint tenancy, all owners have an undivided interest in the property. This means that each owner has the right to use the entire property, not only a specific portion.
The key feature of joint tenancy is the right of survivorship. This means that if one owner passes away, the part of the property they own goes to the surviving owner right away.
Can one owner sell without the consent of the other owners? The answer is not straightforward.
The Challenge of Selling a Joint Property
In many cases, joint tenants can’t individually sell the portion of the property they share without getting the consent of the other joint tenants first. This is because joint tenancy implies unity among the owners, and any transfer of ownership requires the agreement of all parties involved.
Partition Action and Exploring Legal Action
There are exceptions to this rule, though. One such exception is through a partition action. This is a legal proceeding where a co-owner seeks to divide or sell their interest in the jointly owned property.
They can do this with or without the consent of the other owners. The options depend on the specifics of each case and where they own property.
Navigating a Partition Action
In some cases, if the other joint tenants are unwilling to sell or divide the property, the co-owner seeking to sell their share may petition the court for a partition action. The court may then order the sale of the property. After, the proceeds have to be distributed among the owners of the property based on their respective ownership interests.
If you’re unfamiliar with partitions, then it’s crucial to hire San Bernardino partition attorneys to get good results.
Considerations Before Proceeding
It’s important to note that while a partition action allows for the sale of a jointly owned property without the consent of all owners, it can be a complex and contentious process. It often involves the following:
- Legal fees
- Court proceedings
- Strained relationships among the co-owners
Before considering a partition action, it’s advisable for co-owners to try to reach an agreement through negotiation or mediation. This can help avoid the time, expense, and emotional toll of a property battle in court.
Can a Jointly Owned Property Be Sold by One Owner? Now You Know
Lots of people ask, “Can a jointly owned property be sold by one owner?” While joint tenants often can’t individually sell their portion without the other owners’ consent, there are legal options. Actions like a partition allow for the sale of jointly owned property under certain circumstances.
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