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.
South Dakota 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
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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
Agreeing to Sell Because they don't own the entire property, one tenant in common can't sell the entire piece of land or a home without permission from all of the co-owners. If, however, all of the co-owners agree, the property can go on the market and get sold.
Disadvantages of Tenants in Common All tenants have equal right to possession. The main problem with Tenants In Common is that the other tenant(s) can do whatever they want with their interest in the property. One of the co-owners could take out a loan on his/her interest in the property.
Ending a joint tenancy We will not allow one tenant to exclude the other without a court order. However, by serving a Notice to Quit, one joint tenant can terminate the whole tenancy without the consent of the other. We will not transfer a tenancy from joint names to a sole name unless: both parties agree.
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.
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. Once the property is sold, proceeds are distributed amongst the tenants according to their ownership interest.
Joint tenancy is when two or more people own a single unified interest in real property. Language such as "to A and B as joint tenants with the right of survivorship" creates a joint tenancy, and it is alienable inter vivos only.
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.
Rights And Responsibilities All tenants in common have an equal right of access to the property, regardless of their ownership amount. If the property produces an income, co-owners are entitled to a percentage of that income equal to their ownership shares.
Tenancy in common (TIC) is an arrangement in which two or more people have ownership interests in a property. Tenants in common can own different percentages of the property. Tenants in common can bequeath their share of the property to anyone upon their death.