Multiple owner question

[ivanl]

I am one of three owners of a piece of real estate (house & land). There also is someone listed as a life tenant on the deed (not one of the three owners). The tenant wants to move and the other two owners want to sell. I don't want to sell as long as the tenant is alive (she is in her 90's), in case she changes her mind and wants to return to the property. There is a potential buyer, but they only want to buy if they can buy 100% of the real esate. Can the other owners force me to sell?

 

[HomeGuru]

I am one of three owners of a piece of real estate (house & land). There also is someone listed as a life tenant on the deed (not one of the three owners). The tenant wants to move and the other two owners want to sell. I don't want to sell as long as the tenant is alive (she is in her 90's), in case she changes her mind and wants to return to the property. There is a potential buyer, but they only want to buy if they can buy 100% of the real esate. Can the other owners force me to sell?

**A: no, you cannot be forced to sell because there is a life estate encumbrance. But if the life estate gets terminated, then the co-owners could file partition.

 

[ivanl]

Follow up questions.

If the life tenant moves by her own choice, does that nullify the life estate encumbrance? If not, what does it take to have it nullified? If the tenant signs something relinquishing her rigths as life tenant, does that nullify the life estate? You said that once the life estate gets terminated, then they could "file partition". What does that mean? Does it mean they could only sell their thirds. But if the buyer is only willing to buy if all three of us want to sell, I could still prevent the sale, correct? Thanks a lot.

 

[HomeGuru]

Re: Follow up questions.

If the life tenant moves by her own choice, does that nullify the life estate encumbrance?
**A: no but you could prove abandonment and move to terminate the life estate.
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If not, what does it take to have it nullified? If the tenant signs something relinquishing her rigths as life tenant, does that nullify the life estate?
**A: the life estate ust be terminated and not rights relinquished or assigned.
This document must be recorded on title.
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You said that once the life estate gets terminated, then they could "file partition". What does that mean?
**A: do a search on this website. I have already responded to numerous posts on the subject.
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Does it mean they could only sell their thirds.
**A: no, the entire property would be sold.
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But if the buyer is only willing to buy if all three of us want to sell, I could still prevent the sale, correct? Thanks a lot.

**A: not if the Court grants the partition.