can i force the sale of a real estate property if i am on the title along with 3 other people? (equal shares)?
I am on the title to my family's property along with each of my two brothers and my mom. I want to move and get out what my share of the property is worth. can i take any sort of legal action to force the sale of the property? If so, who determines the sale price of the home, an appraiser? If not, can I put a second mortgage on the property due to my name being on the title? I just basically want to know what my rights are considering that I am not the sole title holder to the property. Thanks guys... p.s. the property is in florida, i am of age, i am the only one who pays the taxes and upkeep on the home.
Public Comments
- all parties need to agree. if they will not sell, then sell your share to them.
- my understanding of this area of law is shaky. IF the property is owned as tenants-in-common, you have the right to sell your portion of the property to anyone you wish, for any price that you find agreeable. however, I see nothing in the Florida laws concerning real property [Chapter XL of the statutes] that would permit you to force the sale of anyone's else's interest in the property. of course, this situation has come up before and there is a commercial solution ... there are specialized firms that list and deal in tenant-in-common owned partial interests in property [google 'em on the web]. *** however, if your ownership is not tenants-in-common [the deed tells you what form your ownership is -- the county recorder has it on file and it probably is internet searchable] then I do not know what you can practically do other than move away and gift your interest to someone [your mother?]. GL
- Yes, you have sue the other owners. The judge will order the property sold and the profit split. Contact an attorney to get this done.
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