If I’m a co-signer of a house, can the owner sell it without my consent?
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If I’m a co-signer of a house, can the owner sell it without my consent?
We bought the house together but now he wants to sell it in 2 years. However, I don’t want to sell. Do I have a say in this situation?
Asked on July 31, 2018 under Real Estate Law, New Jersey
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
One owner cannot sell jointly owned property without the consent of the other. However, that having been said, the fact is that a co-owner can file for a "partition" in court. In such an action, the property will be ordered to be divided if possible. If not, such as in the case of a single family house, the court will order a "sale in lieu of partition" instead. Accordingly, the property will be put on the market and sold for fair market value with the proceeds distributed equitably. However, before the property is offered to 3rd parties, any owner who wants to buy out the other owner out can do so. At this point, you should consult directly with a local real estate lawyer.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
One owner cannot sell jointly owned property without the consent of the other. However, that having been said, the fact is that a co-owner can file for a "partition" in court. In such an action, the property will be ordered to be divided if possible. If not, such as in the case of a single family house, the court will order a "sale in lieu of partition" instead. Accordingly, the property will be put on the market and sold for fair market value with the proceeds distributed equitably. However, before the property is offered to 3rd parties, any owner who wants to buy out the other owner out can do so. At this point, you should consult directly with a local real estate lawyer.
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