What to do if co-owners of property cannot agree about whether or not to lease it?
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What to do if co-owners of property cannot agree about whether or not to lease it?
I am the equal share owner of a vacant property with 2 other siblings. Another family member wishes to rent the property. 2 of us are in agreement to sign a 1 year lease in order to generate income, however the remaining owner does not want to sign. Can this lease proceed because the majority of the owners agree?
Asked on June 28, 2011 under Real Estate Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
As I am sure that you are aware, each of you have equal shares and equal rights in the house. If one of the owners does not wish to rent the property there is little that you can do to force his or her hand. And you certainly should not consider renting it without his or her signature as that may put you in a very bad position with the tenant. So, you need to consider what your options are at this point in time if you think that there will be more of thus in the future. You may want to buy out the other owner, you may want to sell the property and split the proceeds or you may want to sue for partition which would really result in the same thing (selling the property). Good luck.
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