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.
Alameda California Agreement as to Tenancy-in-Common Ownership of Premises with neither Owner to Sell or Rent Premises without Other's Consent
State:
Multi-State
County:
Alameda
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
One co-owner can lease out only his share and lease upto that extent is legal in all cases whether co-owners are husband or wife or otherwise. 2. Merely Affidavit given by one co-owner in favour of another to lease out his own share do not provide legal authorty so it is better to have Power of Attorney in such matter.
Joint tenants or tenants in common relates to the equity in the property. The legal title (the right to transfer or mortgage the property) can only be held as joint tenants.
With co-ownership, there is no such agency relationship. Each co-owner is only responsible for their own actions, and they do not have to act in the interests of the owned asset. As such, they may each be exposed to liability if the actions of the other co-owner were to diverge from their shared interest in the asset.
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.
In cases of joint ownership or tenancy, neither can remove the other unless an exclusion order is obtained from the court. If one spouse or civil partner wishes to sell the family home and the other does not, then an application will need to be made to court.
owner of a real estate property can rent out the property without your permission, but they legally have to share the money received for rent with 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.
Answers (1) you are a co-owner of the property.As such with out your consent other owner can enter into any agreement for rental and/or any kinds of transfer in respect of such property.
Tenancy in common There's no limit on the number of owners, and tenants may have unequal investment stakes. For example, one owner might have an 80% interest with two co-owners at 10% apiece. Often this corresponds to the financial investment contributed at the original purchase.
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".
