Alex Can a jointly owned property be forced to sell?
When owners of jointly owned property can’t agree on the sale of the entire property, a partition lawsuit to force its sale may be filed.
How is the sale of a jointly owned house divided?
They may also take some time. Court costs, sale costs and attorney fees resulting from a partition lawsuit also usually come from the partitioned property’s sale proceeds. If a court orders a sale of your jointly owned property, its proceeds will be divided among you and the other owners based on ownership interest percentages.
Can a court split a jointly owned property?
Courts cannot literally split a residential property, for the obvious reason depicted above. If the Court cannot divide the property itself, then it must be sold at a sheriff’s auction with the purchase price divided among the owners. For example, if each person owns 50%, each person receives 50% of the money when the property sells.
How to handle a joint ownership property if one party?
Typically, if one person wants to sell the property then both parties need to agree in order for the sale to go ahead without having to involve the Courts. Read on to discover your legal rights and how to handle a joint ownership property if you, or your joint partner, want to sell.
How to force the sale of jointly owned property?
How to Force the Sale of Jointly Owned Property (step-by-step) In short, to force the sale of jointly owned property, you must first confirm title, then attempt a voluntary sale or buyout, file and serve a partition lawsuit, get an appraisal, sell the property, and finally divide the sale proceeds fairly.
Can you sell your house with your estranged wife?
If you want to sell your share in a house you own with your estranged wife, you may not be able to if the two of you own it as “tenants in entirety.” Tenancy in entirety is used less frequently than tenancy in common or joint tenancy and occurs only with married couples. Both parties own the entire property, not just a share.
Can a jointly owned house be sold after a divorce?
A legal method for forcing the sale of a jointly owned home during or after a divorce exists, though it’s somewhat difficult to accomplish. The consent of all owners of a piece of real property is normally required before a sale is possible.
Courts cannot literally split a residential property, for the obvious reason depicted above. If the Court cannot divide the property itself, then it must be sold at a sheriff’s auction with the purchase price divided among the owners. For example, if each person owns 50%, each person receives 50% of the money when the property sells.