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.
North Carolina 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
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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
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".
Joint owners have rights that are defined by the type of ownership method chosen. The term "co-owner" implies that more than one person has an ownership percentage of the property. Joint ownership, in its three common forms, refines and defines the rights of the co-owners.
If you own a home, you can make the decision to sell it at any time. That all changes, however, if you own the property along with someone else. If you share ownership with another person, neither of you can sell the property without permission from the other.
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.
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.
owner of a property can transfer a commercial property to any outsider without consent of the other owner. Even if it is an undivided share, CoOwner has all rights to enter in to any sale, mortgage, lease with a stranger..
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.
Title The same document must create the ownership of all tenants. Interest Ownership between the parties is equal, and they all have the same type of ownership estate. Possession All owners have equal rights to possess and access the property.
owner of a property can transfer a commercial property to any outsider without consent of the other owner. Even if it is an undivided share, CoOwner has all rights to enter in to any sale, mortgage, lease with a stranger..
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.