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Can a Share of Jointly Owned Property be Sold in New York City
Can a share of jointly owned property be sold without the consent of all owners? The answer is it depends on what kind of jointly owned property it is. A share of jointly owned property can be sold if held in tenancy in common or joint tenancy with rights of survivorship. It cannot be sold if it’s held in a tenancy by the entirety, it cannot be sold without the consent of the other spouse.
It’s important to keep in mind that even if a share can be sold, it would be difficult to find a buyer for a share of a property, especially with a potentially hostile co-owner.
A Share in Tenancy in Common Can Be Sold
With a tenancy in common, each owner has a separate legal interest in the property. One owner can sell their interest without the consent of the others. A co-owner’s interest does not have to be equal and can be any percentage.
For example, if A (25%), B (30%), and C (45%) own a home as tenants in common, A can sell her 25% stake to a new owner without B and C’s consent. The new owner would then be tenants in common with B and C.
A Share in Joint Tenancy with Right of Survivorship Can Be Sold
In a joint tenancy with rights of survivorship, co-owners have equal interests and rights in the property. When one joint tenant dies, his interest automatically passes to the surviving tenant(s).
The deed must say “with rights of survivorship” to create this ownership. Otherwise, it’s a tenancy in common.
A joint tenant can sell his interest without the other joint tenants’ consent. The sale converts the joint tenancy to a tenancy-in-common as between the new owner and the joint tenants.
For example, if A, B, and C own a home as joint tenants with rights of survivorship, A can sell her one-third interest without B and C’s permission. The buyer becomes a tenant in common with B and C, but B and C remain joint tenants with rights of survivorship.
A Share in Tenancy by the Entirety Cannot Be Sold
A tenancy by the entirety automatically occurs when spouses acquire property together using the same deed. It is similar to joint tenancy with rights of survivorship. If one spouse dies, the interest passes to the surviving spouse. With tenancy by the entirety, one spouse cannot sell without the other spouse’s consent. Spouses cannot also file a partition action to force a sale.
Sales of co-owned properties involve complex legal issues regarding property rights and interests. Before taking any action, an attorney can advise you on your rights as an owner and options for resolving any disputes with co-owners. If you need legal representation, we at the Law Offices of Albert Goodwin are here for you.
We are located in Midtown Manhattan in New York City. You can call us at 212-233-1233 or send us an email at [email protected].
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 15 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
