Complicated Home Sale
Started by hidavi
over 13 years ago
Posts: 0
Member since: Mar 2013
Discussion about
OK, two people are joint tenants on a property. a third party wants to buy the house, but it has to be with a mortgage which he can only get for a full property purchase. One of the joint tenants is opposed to the sale to the third party, but he will accept the co-tenant (who is in favor of selling to the third party) buying his half out. Does this mean that the tenant in favor of the third party has to buy out the opposed tenant in order to sell the house to the third party? If I'm correct, that would subject the favoring co-tenant to property tax, as well as the third party buying. The favoring co-tenant would like to avoid having to pay sale tax on buying the unfavoring co-tenant's half.
I'm just guessing here, but I think you would have to convert the joint tenancy to a tenancy in common and then could do the sale. Not sure how that will impact on the mortgage though.
Property class, first year law school - consult an attorney.
I'm struggling to figure out what the functional difference is here -- A1 wants to sell to B, A2 doesn't want to sell to B but is willing to be bought out by A1 knowing that A1 will flip it to B anyway?
Save all the transactional and tax headache and just persuade A2 to do a straight sale transaction, A1&A2 to B.
Saying A1 doesn't want to be involved in the sale.
What vslse said.
Sounds like they need a psychiatrist as well as a lawyer.