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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.
Response by Ottawanyc
over 13 years ago
Posts: 842
Member since: Aug 2011

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.

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Response by vslse65
over 13 years ago
Posts: 226
Member since: Feb 2011

Property class, first year law school - consult an attorney.

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Response by uptown_joe
over 13 years ago
Posts: 293
Member since: Dec 2011

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.

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Response by Ottawanyc
over 13 years ago
Posts: 842
Member since: Aug 2011

Saying A1 doesn't want to be involved in the sale.

What vslse said.

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Response by drdrd
over 13 years ago
Posts: 1905
Member since: Apr 2007

Sounds like they need a psychiatrist as well as a lawyer.

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