Rights of co-owners in joint ownership

Guest 0.10 Dollars($)

I live in texas, and i own 20% of a house in joint ownership with 3 other friends. One of my friend is showing interest in selling. Can he sell it and can he sell it at his price. Me and my other friend dont want this. Even he doesnot have a lease and and he also not paying the rent. He is paying the taxes and insurances. What will be the rights of the other co owners to live/visit/have access to the house?

Guest 0.10 Dollars($)

Hi Connie,

If you have signed a Tenancy in entirety which is a special form of joint ownership then your partner needs to take your and your other friends permission before selling his share of the property.

Thanks,
andy

Niicss · Posted: Wed Nov 02, 2005 11:34 pm Post subject: RE

Hi connie

Yes, one can easily make a sale, all he need is to go to the court and ask the judge to sell it at the courthouse steps in a partation lawsuit. It going to cost not more than $20K. Any one can go for this property in the auction even you also.

As far as the rights goes as a co owner, he can live, visit and have access to the house until and unless there are restrictions mentioned on the deed or some kind of written aggrement.

Thanks

Niicss

Samantha · Posted: Thu Nov 03, 2005 12:10 am Post subject: RE:

Hi Connie,

Welcome to the MortgageFit Forums

The answer to your question really depends on what type of joint ownership you have signed. I am presuming that you have signed a "tenancy in common" because the other two kinds of ownership are meant specially for married couples.

Tenancy in Common: In this form of ownership, the interest and the rights to possess the property owned by co-owners are not necessarily equal. On death of a tenant, the decedent's interest passes on to his or her heirs named in the will who then becomes the new tenant in common along with the other tenants in common.

If somebody wants to sell his or her share of the property then he or she will have to take permission from the court. Courts may also order to sell the property and distribute the proceeds to the owners according to their share.

God Bless You.

Thanks,
Samantha

Guest 0.10 Dollars($)

John and Mary are husband and wife who jointly bought property in Mona two years ago. John has mortgaged the property without Mary’s knowledge. John is now oversees and Mary has come to you seeking legal advice as the mortgage company has written about payment now being over due. ADVISE HER

blue · Posted: Tue Nov 15, 2005 4:10 pm Post subject:

Hi Tawana,

I think this is a case of Tenants by the Entireties which is a form of ownership by husband and wife.

I think both of them are responsible for the payment of the mortgage. She should try to contact her husband and discuss the matter as I think the mortgage needs to be paid off in this case.

Regards,
Blue

Samantha · Posted: Tue Nov 15, 2005 4:52 pm Post subject:

Hi Tawna,

Welcome to MortgageFit Forums.

It's really surprising and sad to know that Mary didn't have the knowledge of the mortgage. I do feel that the trust should be kept alive between these important relationships.

If they own the property jointly then I don't think that the total property can be kept as mortgage by one without the knowledge of the other. In that case she can always consult an attorney to discuss on the issue.

But since it is case where her husband is involved so, I shall suggest talking to her husband first on the issue and try to settle the matter. As denying payments on the ground that she was unaware has to be fought in the court and may ruin the relationship.

I feel understanding should be paid utmost importance and restored which will help in resolving the issue.

Wish you and Mary best of luck.

God bless you.

For MortgageFit,
Samantha

Guest 0.10 Dollars($)

I'm a married woman, My mother in law passed away in dec 2007. In which she left her house to her son which is my husband and her daughter. Her daughter dies not live in the same state my husband and I live in. I wanted to know what type of form my husband needs to fill out to add my on the house as well.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Tonya,

Welcome to the forum.

If it is a mortgaged property then you should use a quitclaim deed to add you on the deed. But if it is not a mortgaged property then better use a grant deed.

If you want to know more about quitclaim deed check out this article at - http://www.mortgagefit.com/quitclaim-deed.html

Feel free to ask if you have any further questions.

Thanks,
Larry

charlesarmbruster · Posted: Wed Feb 20, 2008 12:31 pm Post subject:

Walk into a title company (Yellow Pages), or use the title company of record with the Deed to ask your question -- they will be happy to instruct you.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)

The sister will need to sign as well. I would suggest contacting a local title company. They can prepare this for you for less than 100.00. Most only charge around 50. A lawyer usually costs much more than this and doing it yourself can be a bit confusing. I think a title company is a happy medium and you know it will be done right.

Guest 0.10 Dollars($)

I was joint owner in a parcel of property with a deceased brother.Who had no will. How do I get a clean title.I have not consulted a lawyer. I am trying to do this on my own.

0.10 Dollars($)

Go ask the Title Company for free advice.

Niicss · Posted: Fri Apr 18, 2008 4:24 am Post subject:

Welcome william carango,

Had you used a survivorship deed? If so then you will gain the ownership as your brother has deceased now. Contact the title company to remove your brother's name from the deed.

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After being laid off from my job, i took my saved earnings with help from my mother to purchase a building out of the city, the city in which my sister lives, its been a year now with so many excuses coming from my sister. we sent her the money to purchase the property, a month before this month i went up to this city to see this property my sister spoke highly of, and spoke with the tenants, which I found out there where two tenants instead of one, which my sister said there was only one tenant. I then went to that city court house and pulled up information about that property. My sister has taken a huge loan out on this property, on which she told me that she did not get that loan. she has been receiving rent money from both tenants, and we have received no money, i confronted her with my findings and ask her to sale the property when she gets back home. On the second week I decided to call a realtor in that area, and ask if he would call her to let her know that he would be the one to help sale the property, she told him she dose not need his help that she has someone to help sale this property, which is not true, since we are co-owners, the realtor would have to call me first. None of the money to purchase this building is hers, we sent her the money and made her a co-owner so that she could help us. I need legal advice on how to proceed with taking my sister off that lease and somehow informing the bank that the loan taken is not my loan, can some one please tell me how to get my life back, My sister already has tons of money, and this was me and my mothers life savings. please please help us.

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