Rights of multiple owners for a lease

[ncfirechief]

What is the name of your state (only U.S. law)? NC

For a property with five owners, do all have to be unanimous to issue a lease for a billboard, or is it "majority rules?"

 

[JETX]

For a property with five owners, do all have to be unanimous to issue a lease for a billboard, or is it "majority rules?"

Absent a WRITTEN agreement otherwise AND if it is a common ownership, each person would have equal rights to sign a lease for the common property. Of course, this would be a formula for disaster and a lessee would be crazy to get involved.

 

[ncfirechief]

Thank you, but that wasn't exactly what I needed. Would EVERY property owner have to agree, otherwise no lease could be issued? Or, if three owners want to sell the lease, can they do so over the objections of the minority of the owners because they outnumber the two dissenters?

The property is an inheritance, thus the five owners.

Thanks.

 

[JETX]

TWould EVERY property owner have to agree

That would certainly be best.

otherwise no lease could be issued?

No. In theory, each person can issue their own lease. Of course, that would be a mess for everyone, but it is possible in law.

Or, if three owners want to sell the lease, can they do so over the objections of the minority of the owners because they outnumber the two dissenters?

Again, not without an agreement between ALL owners.

The property is an inheritance, thus the five owners.

Then you should talk with a local attorney about coming up with some type of method to handle this amicably.... or to sell or partition.

NONE OF YOU, INDIVIDUALLY OR IN GROUP.... have control over the others.