If3 people are owners on a deed, can one of the parties enter into a lease without notification to the others?
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If3 people are owners on a deed, can one of the parties enter into a lease without notification to the others?
Is this broker breaking any laws?
Asked on January 19, 2012 under Real Estate Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If a property is jointly owned by three parties, one party can bind the other two into a lease with a third party if the third party is not aware that the other two property owners have not agreed to the lease.
The problem with a real estate broker being involved is that he or she should be aware that the property that you are writing about is owned by several people due to a review of a preliminary report concerning status of the property's title. Given this, the real estate broker as a licensed professional is obligated to advise all owners of the property about what one owner wants to due under guidelines per the given state's department of real estate. Such failure can result in some administrative reprimand with respect to the real estate broker.
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