HICKSVILLE, N.Y., – A jointly owned property is a property with two or more names on the title. This could be for an array of situations, such as marriage, business venture, and beyond. Due to there being various forms of joint property circumstances, the selling of these properties can be difficult and confusing. Such forms include: joint tenancy, tenancy by the entirety and tenancy in common. All types of jointly owned property contain different terms, and it is important to know the terms of whatever you are involved in, especially when it comes to selling the property. Long Island Real Estate Law Firms, Markotsis & Lieberman P.C., Discusses the Ins and Outs of Jointly Owned Property Sales .
It Is Important To Understand Your Situation
As stated before, there are many types of jointly owned property, and it is important to understand what your circumstance is. If rights and obligations are completely equal, like in a joint tenancy, the sale of your property is much simpler. However, it becomes a bit more challenging when your joint property terms aren’t cut and dry. In circumstances that pertain to inheritance, people tend to interpret terms in their own way. While owning a property as tenants in common may help you purchase the property to begin with, that there are no rights of survivorship in the event one of the tenants in common passes away may become an issue. Be conscious of what your situation is, and if there are documents to back it up, make sure you are educated on what they say.
A Real Estate Attorney Can Be Beneficial
Your best bet to make the sale of a jointly owned property can be simple and clear, if you have a real estate attorney on your side. Not only will they be able to draft legal documents, negotiate, and perform closing actions between you and the buyer, but they may also be called upon to assist in dealing with the other owners if necessary. For example, as a tenant in common can’t sell a property without the approval of all the co-owners, he or she must either convince the other co-owners to sell, sell his own share, or file a partition action with the courts to force a sale. Real estate attorneys are extremely beneficial in situations like these and will be able to address your questions and concerns, as well as advise you as to what may be the best way to go in your situation.
Make Sure You and Your Co-Owner(s) Are Communicating
In certain jointly owned property circumstances, such as those that involve a divorced couple, communicating with the other individuals on the title may be difficult. With tenancy in common circumstances, having open and honest communication is crucial because oftentimes this structure is used with people who are not related to each other. Since billing operations are not going to send separate bills to the household, co-owners must decide how to split taxes and other bills, Communication is especially important in circumstances with joint tenancy and tenancy in common If your counterpart(s) is/are refusing to communicate with you on the matter. It is important to reach out to a real estate lawyer immediately to help assist you through the situation. Even in the most complicated situations, it is crucial that you are actively communicating with the other individuals involved in the process.
About Markotsis & Lieberman, Esq.: Markotsis & Lieberman, P.C. is a general practice law firm. Practice areas include real estate, litigation (commercial and civil), business formations, agreements and transactions, and wills, trusts and estates. Our team of seasoned attorneys are here to guide you through every step of the legal process providing personalized attention to every client. When you’re facing a complicated legal situation, our team of legal experts is there to fight for your rights.