If no specific ownership is stated in the warranty deed with multiple owners, what are the rights of each?
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If no specific ownership is stated in the warranty deed with multiple owners, what are the rights of each?
I own land with 2 other individuals, we have fractional ownership listed in the warranty deed as 53, 27, 20. No specific mention is made as to how it’s held – tenants in common, joint tenancy, etc. How would ownership be handled? Do all 3 have equal rights of use regardless of their
investment/ownership? Can you force a 20 owner to sell?
Asked on July 31, 2018 under Real Estate Law, Arkansas
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
All owners, regardless of their fractional ownership interst, have equal rights to the use of the property. As to a forced sale, when co-owners of propeprty (real or personal) cannot agree as to ownership matters, there is a legal remedy called "partition". In such an action, the property will be ordered to be divided if possible. In this case, as per the listed fractional shares. However, if it is not able to be divided, the court will instead order a "sale in lieu of partition". Accordingly, the property will be put on the market and sold for fair market value with the proceeds equitably distributed. That having been said, before the property is offered to 3rd parties, any owner who wants to buy out the other owner out is given the chance to do so. At this point, you should consult directly with a local real estate attorney who can best advise you further.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
All owners, regardless of their fractional ownership interst, have equal rights to the use of the property. As to a forced sale, when co-owners of propeprty (real or personal) cannot agree as to ownership matters, there is a legal remedy called "partition". In such an action, the property will be ordered to be divided if possible. In this case, as per the listed fractional shares. However, if it is not able to be divided, the court will instead order a "sale in lieu of partition". Accordingly, the property will be put on the market and sold for fair market value with the proceeds equitably distributed. That having been said, before the property is offered to 3rd parties, any owner who wants to buy out the other owner out is given the chance to do so. At this point, you should consult directly with a local real estate attorney who can best advise you further.
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