Maine 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
Format:
Word
Instant download

Description

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.

Maine Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell nor Rent Premises without Other's Consent A Maine Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell nor Rent Premises without Other's Consent is a legally binding contract that establishes the terms and conditions for co-owning a property in Maine. This agreement is specifically designed for tenancy-in-common ownership, where multiple individuals each hold an undivided interest in the property. The purpose of this agreement is to ensure that neither co-owner can sell nor rent the premises without obtaining the consent of the other owner(s). This provision protects the interests of all parties involved and prevents any unilateral decisions that may impact the property's ownership or usage. Key provisions in this agreement include: 1. Ownership Shares: The agreement specifies the percentage or fraction of ownership shares held by each co-owner. This ensures clarity and transparency in the distribution of ownership rights and responsibilities. 2. Restrictions on Selling or Renting: The agreement explicitly states that neither co-owner can sell nor rent the premises without the prior written consent of the other co-owner(s). This provision helps maintain the stability of the co-ownership arrangement and prevents any unauthorized transfers or leases. 3. Consent Process: The agreement outlines the procedure for obtaining consent. It may require the requesting co-owner to provide information about the potential buyer or tenant, including financial details or references, to help the other co-owner(s) make an informed decision. 4. Dispute Resolution: In the event of disagreements or conflicts related to the sale or rental of the premises, the agreement may include a provision for dispute resolution, such as mediation or arbitration. This aims to resolve conflict amicably and avoid unnecessary legal complications. It's important to note that the Maine Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell nor Rent Premises without Other's Consent might not have different specific types. Instead, it serves as a template or framework that can be customized to meet the unique needs and preferences of the co-owners. In conclusion, a Maine Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell nor Rent Premises without Other's Consent is a crucial document for individuals co-owning a property. It protects the ownership rights of each co-owner and ensures that no unilateral decisions are made regarding the sale or rental of the premises.

Free preview
  • Preview Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell or Rent Premises without Other's Consent
  • Preview Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell or Rent Premises without Other's Consent
  • Preview Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell or Rent Premises without Other's Consent
  • Preview Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell or Rent Premises without Other's Consent
  • Preview Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell or Rent Premises without Other's Consent

How to fill out Maine Agreement As To Tenancy-in-Common Ownership Of Premises With Neither Owner To Sell Or Rent Premises Without Other's Consent?

If you wish to accumulate, download, or print legitimate document templates, utilize US Legal Forms, the largest compilation of legal documents, available on the web.

Employ the site’s straightforward and convenient search to acquire the paperwork you require.

A selection of templates for business and personal purposes are organized by categories and states, or keywords.

Step 3. If you are dissatisfied with the form, use the Search area at the top of the screen to find other versions of your legal form template.

Step 4. Once you have found the form you need, click the Get Now button. Choose the pricing plan you prefer and enter your information to sign up for an account.

  1. Use US Legal Forms to obtain the Maine Agreement regarding Tenancy-in-Common Ownership of Premises with neither Owner permitted to Sell or Rent Premises without the Other's Agreement in just a few clicks.
  2. If you are already a US Legal Forms member, sign in to your account and click on the Download option to retrieve the Maine Agreement regarding Tenancy-in-Common Ownership of Premises with neither Owner permitted to Sell or Rent Premises without the Other's Agreement.
  3. You can also access forms you previously saved within the My documents tab of your account.
  4. If you are utilizing US Legal Forms for the first time, follow the steps outlined below.
  5. Step 1. Ensure you have selected the form for your correct city/state.
  6. Step 2. Utilize the Preview option to review the form's content. Don't forget to check the description.

Form popularity

FAQ

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.

If you are living in the jointly owned family home, unless you agree to voluntarily sell the home your spouse or partner can apply to the Court for an order for sale of the property. The Court will normally only make an Order for sale at a final hearing.

Under section 38 of the Property Law Act 1974 (Qld) (the Act), a co-owner may make an application to court, seeking the appointment of a statutory trustee to sell a property regardless of whether the other co-owners agree or not.

If you are living in the jointly owned family home, unless you agree to voluntarily sell the home your spouse or partner can apply to the Court for an order for sale of the property. The Court will normally only make an Order for sale at a final hearing.

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.

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".

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.

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.

Joint tenancy has certain rules of sale and therefore requires all parties to agree and sign the transfer. Whereas in tenants in common, there's no rules on selling and any owner of shares can sell their share to whoever they choose, and don't need permission from any other parties.

More info

09-Mar-2022 ? It regulates the rules of letting out a property and ensures that neither the landlords nor the tenants' rights are exploited by the other. 21 Tenancy by the Entirety. § 20.04 Who Can Authorize Use of Oil and Gas. I Minority Rule: No Co-owner Can. Individually Develop Minerals.Applicable statute or common law to sell, mortgage or lease property for any"Real estate contract" means a contract for the transfer of ownership of. F. Sample Premises Computer Search Warrant Affidavit..........................without the owner's consent in order to commit a theft, see Rakas v. Premises used solely for the storage or display of mobile homes.that all rental payments and other fees due to the mobile home park owner or operator ... This is likewise true for a property owner and the secured lender that are negotiating or closing the loan, relative to the rights of tenants or of other ... The Landlord agrees to lease the described property below to the Tenant: (enter theShall not inspect the Premises or complete a move-in checklist. The only landlords who do not have to comply are owners of a building with noIf the landlord should sell a rental property, the tenants still are ... Deed O Signed Lease Contract X Signed Purchase/Sale/Option Agreementapplicant, I understand that this application must contain a complete submission of ... Deprive or restrict the owner of a property inrent and other housing expenses or must pay inbuildings may or may not have common ownership.

Trusted and secure by over 3 million people of the world’s leading companies

Maine Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell or Rent Premises without Other's Consent