Property ownership

[Mountainman]

The piece of property in question is owned by 10 people. Owner # 1 is attempting to get the other 9 to sign off their claim so she can have full ownership. 3 have done so already. leaving 6 that havent signed off. Owner # 1 is now in a nursing home and is near death. She has 9 children. My questions are; If the other 6 do not sign off can Owner # 1 claim title to the land. Therefore keeping the other 6 from using it. And is there such a thing as controlling majority.

 

[HomeGuru]

All owners on title would have interest in the property and any owner could access the property.

 

[Mountainman]

Homeguru

One party is attempting to get the other nine to sign off their interest on the deed. If they only get a majority will that entitle them to dictate who can use the property?

 

[HomeGuru]

No because the property ownership and title is held via an undivided interest and as long as one party has even a 1% interest, the 1% interest party has equal say.
Now common sense would dictate that it would be beneficial for all owners to agree as to the property use. Without such an agreement, there could be a big fight where only the attorney's make money.

 

[Mountainman]

Homeguru

The next question I have about this particular piece of property is this. The property is worth approximately $100,000. If the first party is succesful in getting all but one of the owners to sign off. How much would they have to pay the remaining owner. 1/10 of the total value or half the total value.

 

[HomeGuru]

The other owners would not have to pay the person anything unless that person wanted to sell. If that person wanted to sell, then the value would be dictated by the percentage of interest that person has in the property. Said percentage of interest would be dictated by how title to the property is held ie. joint or tenants in common.

 

[Mountainman]

homeguru

Thanks Guru. One more question. Apparently #1 has been more or less squatting on the said property for many year. I.e Living in the cottage and paying taxes. Would they have a right to the entire deed then?

 

[HomeGuru]

No.

 

[Mountainman]

Home guru

Could you explain Joint Tennancy and Tennancy in common. Thanks for all your help Homeguru.

 

[HomeGuru]

You are not using this website properly similar to most of the users.
Go to Home and under the Real Estate section go to Title at the very bottom of the page. I think the section is called Ways to Own or something like that.
Also do a search on this forum using search words joint tenancy and tenants in common. I have written numerous responses to the same and similar questions that are archived posts on this website. I don't feel like repeating myself for the umpteenth time.
Please read and use what you need. If you still have specific questions after doing your homework, feel free to post again.
Thank you.