This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Louisiana Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell or Rent Premises without Other's Consent
State:
Multi-State
Control #:
US-02284BG
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Word
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How to fill out Agreement As To Tenancy-in-Common Ownership Of Premises With Neither Owner To Sell Or Rent Premises Without Other's Consent?
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FAQ
Louisiana does not recognize joint tenancy with rights of survivorship (JTWROS). Louisiana is a community property state. Often, when people decide to co-own property together, it is because they are married to each other.
Tenancy in Common (Co-ownership) A third type of property ownership is recognized in Louisiana, namely, tenancy in common. Louisiana law allows two or more individuals to own property in indivision, with each having undivided fractional shares. Co-ownership occurs when two or more people own the same thing.
The benefit of being tenants in common is that it brings greater clarity to the balance of a couple's ownership of a property and it can allow them more flexibility in who they leave their share to after they have gone, regardless of whether their partner outlives them.
Can I force them to sell? A If you and your co-owners are tenants in common - and so each own a distinct share of the property - then yes you can force a sale.
Can I force them to sell? A If you and your co-owners are tenants in common - and so each own a distinct share of the property - then yes you can force a sale. However, to do so you would need to apply to a court for an "order for sale".
If you jointly own your property as tenants in common, when you die your share of the property will pass to your estate.
You may have no other choice but to go to court to force a sale. The proceeds of the house sale may go toward paying your mortgage off and you can walk away. However, if you transfer ownership in another way, you'll need to ensure that the remaining co-owners are willing and are able to refinance the loan without you.
Louisiana law does not recognize the common law estates in property such as a joint tenancy, a tenancy in common, or a tenancy by the entirety.
If you hold your property as tenants in common and wish to sell the property following the death of your partner, as the property's legal owner, you have the right to do this. You can appoint an additional trustee in place of the deceased owner to give good receipt for purchase monies and enable the sale to proceed.
If a tenant in common refuses to sell, a co-owner can force the sale of the TIC or do a partition. A tenant in common can petition the court to do a forced sale of the entire property. In this situation, the court takes control of the property and the court performs a forced sale.
