Can I rent a home I co-own?
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Can I rent a home I co-own?
Both names on deed and mortgage house unoccupied. Mortgage is being paid each month by only one party. Had to sue to force sale but now short sale and one party wont agree to complete short sale paper work. Can I rent the home without permission from co-owner?
Asked on August 24, 2012 under Real Estate Law, North Carolina
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Generally speaking no, you need consent of both parties. But you need to do something else: seek an action for partition against the co-owner which would ask the court to "split" the co-owned asset down the middle but really the court will order the asset sold. With a court order for the sale you will have the necessary legal punch, so to speak, behind you and can then compel signature for the sale. Make sure deficiencies are waivied. You can also sue co-owner for their half of the mortgage and upkeep, etc. Getting a judgement against them may allow you to negotiate full ownership or persuade them to sell. Good luck.
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