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Three People Are Involved |
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Dear Mrs. Lank: In the case of joint tenancy where three people are involved, may one of the three decide to sell and engage a real estate agent, without the approval of the other owners? |
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Any owner can sell his or her share, if the buyer is willing to receive only one-third interest and become what is known as a tenant in common with the other two owners. In addition, any one of the owners can go to court and ask for a court-ordered sale of the whole property and division of the proceeds. Such a sale, at public auction, seldom yields true market value, and of course legal costs are involved, so it should be a last resort. |
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Edith
Originally published on June 13, 2005 |
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