Body & Soul1 min ago
real property
3 Answers
I am involved in a tenacy in common arrangement of some real property with two other persons. each person has a percentage interest in this
property. I own 32%, one other owns 43%, and the thrid person owns 25% interest in this
property. My main question is this...can this thrid person only having 25% (and being like
the minority owner)Force us to sell for his fair market value of the property???? under what circumstances, if any can he force a sell and cash out??? me and my second partner dissent on selling this property right now! what are your rights to prevent a sell???
I read that a decision to sell needs an majority vote. Since we both make up 75% majority by vote could this Not be sufficient to end this impasse between us??
So getting back to my main question...can he, being a minority partner still force a sell of this property?? I have heard that the dissenting TIC owner only recourse is to accept what the majority says, or he could perhaps buy us out of your 75% interest in the property, or change his dissenting vote to a consenting vote, not to sell the property. He must anknowledge the fact that all three of us must agreed to sell, or at least a 75% majority must agree upon this in order to sell. Please anyone does this seem correct with you??
I live in america, so tenancy in common laws may be very different from somebody answering these question from the uk. Okay? Again, my feeling is this...he would not enpower us to force a sell, so he could cah-out, until a majority agrees to sell the property. Does anyone concurr, or diagree with this let your voice be heard. All yours answers will be much appreciated. Thanks! Steven
property. I own 32%, one other owns 43%, and the thrid person owns 25% interest in this
property. My main question is this...can this thrid person only having 25% (and being like
the minority owner)Force us to sell for his fair market value of the property???? under what circumstances, if any can he force a sell and cash out??? me and my second partner dissent on selling this property right now! what are your rights to prevent a sell???
I read that a decision to sell needs an majority vote. Since we both make up 75% majority by vote could this Not be sufficient to end this impasse between us??
So getting back to my main question...can he, being a minority partner still force a sell of this property?? I have heard that the dissenting TIC owner only recourse is to accept what the majority says, or he could perhaps buy us out of your 75% interest in the property, or change his dissenting vote to a consenting vote, not to sell the property. He must anknowledge the fact that all three of us must agreed to sell, or at least a 75% majority must agree upon this in order to sell. Please anyone does this seem correct with you??
I live in america, so tenancy in common laws may be very different from somebody answering these question from the uk. Okay? Again, my feeling is this...he would not enpower us to force a sell, so he could cah-out, until a majority agrees to sell the property. Does anyone concurr, or diagree with this let your voice be heard. All yours answers will be much appreciated. Thanks! Steven
Answers
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You asked this q last week and was answered quite correctly:
http://www.theanswerbank.co.uk/Law/Question442 266.html
The fact you are in the US makes it rather pointless you using a UK site - you are aware the law is very different.
I suggest you try either an American site or a lawyer.
http://www.theanswerbank.co.uk/Law/Question442 266.html
The fact you are in the US makes it rather pointless you using a UK site - you are aware the law is very different.
I suggest you try either an American site or a lawyer.
The law regarding a tenancy in common is the same in many countries - UK, USA, Australia, New Zealand, Canada etc.To end a TIC any member, however tiny his shareholding, can go to a court pleading that the members of the TIC cannot agree on its management and asking for an order to sell the property(s) with the proceeds divided appropriately. These orders are never refused. And thats the end of it - as simple as that !
Real property refers to physical assets such as land, buildings, and other structures that can be owned and transferred. In the modern real estate market, online platforms such as http://
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