You can obtain a court order to sell a co-owned property if the court finds you have a compelling reason to sell. The court can’t divide a house in half, so instead, it can force owners to sell, even if they’re unwilling. Profit or loss from the sale is divided among the owners based on their stake.
Can a co-owner evict another co-owner?
The other owner has no right to evict you from something that you own. There is no cause of action that allows a co-owner to evict you. However, the co-owner can demand that you buy him or her out. If you cannot reach an agreement, then the co-owner can file a partition lawsuit and force the sale of the home.
Is there limit to number of people who can co own property?
However, unlike a joint tenancy, tenants in common do not have to own equal shares of the property. So, if A and B own property as tenants in common, A may own 70% of the property, and B may own only 30%. There is no limit to the number of people who can co-own the property together, and the co-owners can be related or not.
Where do I find the property records for my house?
To start, you should figure out who manages the property records where the house is located (records are usually kept at the county courthouse, county recorder’s office, city hall, or a different county or city department; in any case, you won’t have to travel far).
What are the pitfalls of co owning a property?
Whether you co-own your property as joint tenants or as tenants in common, there are 11 potential pitfalls that you need to be aware of when co-owning property with family or friends. Since these pitfalls are best demonstrated with examples, we’ll use the following fictional scenario as a background for the examples below:
How does the new owner get the title of the property?
By mutating a property, the new owner gets the title of the property recorded on his/her name in the land revenue department and the government is able to charge property tax from the rightful owner.
