Me, my wife and daughter own a TH. Do all three people have to agree to sell theTH?
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Me, my wife and daughter own a TH. Do all three people have to agree to sell theTH?
Many problems with daughter.
Asked on July 1, 2018 under Real Estate Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Typically, all owners would have to agree to sell. However, if co-owners of jointly held property cannot agree as to whether or not to sell the property, those wanting to do so have a legal remedy. It is called "partition". In such an action, the court will order that the property sold if practical. If it is not (such as in the case of a single family house), then it will instead order a "sale in lieu of partition". Accordingly, the property will be put on the market and sold for fair market value. The proceeds will then be equitably distributed among the owners. However, before the property is offered to 3rd paties, any owner who wants to buy out the other owner(s) will be given the chance to do so.
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