Joint Tenancy Division at Sale of Property

[mheart]

New Mexico

I own a property in New Mexico with a joint tenancy partner. We have dissolved our nine year relationship and I have moved to another state. We were not married and New Mexico does not have common law marriage rights. Though the deed is clearly held in joint tenancy, my name is not on the mortgage. My partner is still living in the home and paying the mortgage, taxes and insurance. My understanding is that joint tenancy requires equal division at the point of sale of the property and supercedes any wills or agreements. My question is: can shares be contested when the property is sold with funds held up at the title company, or will two equal checks automatically be written?

 

[JETX]

can shares be contested when the property is sold with funds held up at the title company, or will two equal checks automatically be written?

Is your name on the property title as a co-owner?? If not, you have no claim to the property or proceeds of sale.

 

[mheart]

Yes, my name is on the title

 

[seniorjudge]

Q: My question is: can shares be contested when the property is sold with funds held up at the title company, or will two equal checks automatically be written?

A: Nothing is automatic. Check with the title company; it will have to follow the sales contract y'all agree to.

 

[JETX]

Yes, my name is on the title

So with that admission.... the answer is very simple. Your name is on the title. The property cannot be sold or refinanced without YOUR approval and signature.

can shares be contested when the property is sold with funds held up at the title company, or will two equal checks automatically be written?

With the power you have in a REQUIRED signature, any distribution amounts or processes are subject to your negotiation.... and approval.

 

[mheart]

Does this mean that if my partner does not approve of equal distribution of funds that the title company wil not disburse the funds? The property is currentlly for sale.