Does anyone here have experience or knows someone with experience of the forcing of the sale of a jointly owned property?
This is not me, I don’t want advice about contacting lawyers in my state, this is a pretty simple, fairly casually asked query about this subject.
Just curious. I am of an age where so many of our parents and relatives are dying off, and the paperwork and stuff dealing with this can be daunting. There are other reasons properties can be jointly owned as well, those stories would apply as well.
Please just stories about how this stuff worked out. That’s all.
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Not sure how helpful this is, but in the early 90’s my father and his surgical partner in private practice owned a boat together. My father moved to the other coast and obviously didn’t need to own the boat anymore. If I recall his partner was slow to sell it (after all he could enjoy it every weekend now) and it wasn’t a happy story (for my dad at least). Eventually he did get his half of the sale, but it took a while. I don’t think courts/lawyers were ever involved.
A friend got divorced and his ex wanted her half of the value oft he house they lived in for 12 years, he took out a second mortgage.
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Sort of. When my MIL passed away, her house was in her name alone, not with her husband (the house originally was with her and her first husband and became hers after the divorce). In her will, the house passed to the two kids. My BIL was the executor and we worked with him throughout. My FIL was getting a little dementia and really couldn’t stay on his own. He recognized this and knew about the house so he moved in with his son in TX. The house then became the property of my wife and her brother. But there was no animosity or contention anywhere. They sold the house for less than it was valued because of repairs that were needed. The house was paid off so there was no outstanding mortgage. The proceeds were split down the middle after taking out taxes and other expenses of the estate. Since the house sold for less than normal value, the difference was split between the siblings to be claimed on taxes as a capital loss. It had to be spread out over several years of filings.
You can always sell what you own. If you are one of two joint owners of property you can sell your portion which the law will consider 50% in every situation I’ve known of. When you do that the remaining joint owner and the new owner (each owning 50%) will become tenants in common; the joint ownership is gone. As TIC the owners can easily sell any percentage of what they own at will. The problem generally has to do with possession. It is recommended to contract that issue prior to the sale.
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