What legal obligation do owners have toward each other in marketing their property for sale?
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What legal obligation do owners have toward each other in marketing their property for sale?
There are 5 names on the deed. All are in agreement that the property should be sold but one is difficult to work with, both in terms of availability and in terms of willingness to collaborate (has own agenda, makes demands, etc.). The one feels he has the legal right to be included in all discussions and decisions. The other 4 feel they have the legal right to make decisions (e.g. setting a price, surveying, marketing techniques, etc..) and then to present all owners with a purchase offer when one is made. At that time, each owner can either accept or reject the offer. Who’s right?
Asked on November 14, 2011 under Real Estate Law, New York
Answers:
Sharon Siegel / Siegel & Siegel, P.C.
Answered 12 years ago | Contributor
I am a New York lawyer. Neither way is particulary correct. However, what is obvious is that it is difficult to sell a property with 5 names on the deed. You may want to consider a partition action. This is an action for the sale of real property when all people can't agree on the sales price, terms, own adgenda, etc. It is a common legal route to go. Getting five people to agree on anything is difficult- let alone when one person has their own agenda. I would consult a lawyer to review your options.
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