Posted by JohnB_NJ on January 21, 2000 at 24:37:52:
First let me say that I am not an attorney. I am just a RE investor that can’t sleep tonight and I might have an idea of what might be going on here…
BTW, I am basing this on NJ law. In NJ if you hold title as Tenants in Common and one of the owners wants to sell, and the other owner doesn’t and the land can not be divided up equally (hard to do with a house on it) then the court can order the sale of the property and the proceeds are then divided up. All it take is one tenant (owner) filing a “partition” suit against the other.
The proceeds of the sale are divided up among the co-owners according to their respective interests.
This is not recommended unless no means are available. If the co-owners are not co-operative with each other. When the court gets involved, most of the time the house will be sold below market value at some type of auction.
Again, this is just based on what my NJ Real estate book says. I have no first hand experience with “partition” in the case of RE held as tenants in common.
Hmmm, I am starting to get sleepy. Must be this boring NJ RE book. 8^)
Have a great day!