Will I Have Any Interest In The Property If.......
I’ll make it as quick as I can….
There are 4 people on title (father and his wife, and son and his wife). The son and his wife don’t want anything to do with the property anymore and doesn’t get along with the father. They also don’t talk and refuse to talk to one another. If the son and his wife quit claim their interest over to me, does that mean I have an interest in the property?
Yes. You have what ever interest the son and his wife had. If they were all equal owners, you now own a 1/2 interest in the property.
Well the father is saying that is illegal since him and his son have differences. Has anybody ever heard of something like this ?
Sure, happens all the time. You will need to sue for "Quiet title". Judge will devide the property or (Most likely) order it sold and the proceeds split.
if it tenants in common then any owner can sell there portion.
Quote:Sure, happens all the time. You will need to sue for "Quiet title". Judge will devide the property or (Most likely) order it sold and the proceeds split.
pmatheson1,
There are no clouds on the title here, so a quiet title action is unneeded. If any lawsuit is needed to force sale of the property, it will be a partition title action.
Would it be possible for any title company to proceed without my signiture to assist the father to sell the property without me?
cjmazur
IS that the only way to sell protions of your interest is if the orignal deed has "tenants in common" in it?
look at a template or actual operating agreement. Most all these things are defined in that.
I personally like to use an atty when setting up an LLC.
If you both agree to 50/5, then 50/50 it is.