Posted by Nate(DC) on October 11, 2003 at 16:17:11:
Yes, you can, although a half interest in property is often not a very marketable item.
NT
Tenants in Common Sale of Home - Posted by James Cunningham
Posted by James Cunningham on October 11, 2003 at 15:15:51:
If two people own a home as “tenants in common” can one sell his/her half without the permission of the other? If yes, what is the procedure for doing so? Thanks for your assistance.
Re: Tenants in Common Sale of Home - Posted by John Merchant
Posted by John Merchant on October 12, 2003 at 08:02:11:
Nate is right. Is legally doable, but not easy to find the buyer for partial interest.
I’ve owned several partial interests, because I could get them cheap or free, and have used them to gain leverage over entirety; also used them to securitize other RE purchases.
Works like this:
“Mr. Brownwood Seller, I’d like to buy your Brownwood RE, here’s what I’ll give you: $5000 cash now, 5 year note for balance, secured by 1st on another property I own, half interest in Applewood. Applewood has been appraised for $150,000, I own half, F&C, and sometime in next 2 or 3 years the other owner(s) and I will undoubtedly reach an agreement and sell Aplwd, then I’ll pay you off.”
So, if what you’ve got is only half, it is usable, but you’ll have to use your creativity to maximize it for you…and remember other owner(s) probably won’t do anything with their partial so they might be very motivated to sell to you, cheap, or buy from you, so as to get rid of you.
One way I’ve acquired some partials is to make an “offbook” loan to other 1/2 owner, with terms kept private & not recorded (NOT a silent 2d behind HUD…that’s VERY fraudulent!)and then I take a 1/2 interest at closing, which I certainly do record.
Other owner can’t really do anything with property without your knowing about it, getting your help or cooperation.