What to do if I want to sell my house that is titled as joint tenants with rights of survivorship?

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What to do if I want to sell my house that is titled as joint tenants with rights of survivorship?

My brother and his wife along with me hold title to a property. My brother and his wife hold title as “joint tenants with right of survivorship” and not as community property estate or as tenants in common. The house is titled to all 3 of us. I took a HEC on the property for $60k (worth of property is $160). The home equity line is in my name. I want to sell the property and pay off the home equity loan ($60k). What rights do I have as title holder to sell this property? The sale would yield just over $60k in equity enough to pay off the loan. The first mortgage is in the name of my brother and not me. The home equity loan was taken out to help my brother with his business but his credit was not good that is why I took the loan for him and he and his wife added me to the property so I could take out the loan. Now I want out of the loan and want to sell the home for equity.

Asked on June 19, 2012 under Real Estate Law, Arizona

Answers:

Ron Moore / Ron L. Moore, P.A.

Answered 8 years ago | Contributor

All persons on the deed and their spouses will have to sign any deed out to convey good title. You may have equitable claims against the brother but subject to his consent to sell your recourse is through the courts. Of course any coveyance of your interest alone or together  with the other owners is subject to all outstanding mortgages.

Anne Brady / Law Office of Anne Brady

Answered 8 years ago | Contributor

You all three need to sign the sales contract in order to sell the house.  Are your brother and his wife opposed to selling?  Are they living in the house?  Your only other option would be to go to court to attempt to sever the joint tenancy.


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