2 homeowners, how to require both signatures for sale or loan, etc

[gb77]

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

i own a home with my brother where the mortgage is paid off. what document should we use to require both our signatures in agreement for any loan or sale or other activity related to the property? does the % of ownership have any effect on how this document is done (90/10 or even 99/1)? can we work this with some kind of joint tenancy with unequal shares where upon death the other takes full share instead of going to the estate. thanks for your help.

 

[HomeGuru]

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

i own a home with my brother where the mortgage is paid off. what document should we use to require both our signatures in agreement for any loan or sale or other activity related to the property? does the % of ownership have any effect on how this document is done (90/10 or even 99/1)? can we work this with some kind of joint tenancy with unequal shares where upon death the other takes full share instead of going to the estate. thanks for your help.

**A: how is title currently held? Joint or in common?

 

[latigo]

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

i own a home with my brother where the mortgage is paid off. what document should we use to require both our signatures in agreement for any loan or sale or other activity related to the property? does the % of ownership have any effect on how this document is done (90/10 or even 99/1)? can we work this with some kind of joint tenancy with unequal shares where upon death the other takes full share instead of going to the estate. thanks for your help.

“Document” or no “document” both signatures will be required in order to sell, lease or encumber.

But that is incidental. What is important for you to know is that you and your brother are holding title to property in the worst possible arrangement ever created. If people are not bound by ties of matrimony, they should never, never hold real property in joint or co-ownership.

It is called an estate in cotenancy and is fraught with legal difficulties. And the best advice you could get is to sell as quickly as market conditions permit!

In the meantime, to facilitate its management, you might consider entering into a Co-Tenancy Agreement, which should be prepared by a professional.

But forget this business of rights of survivorship and get out of this present ownership arrangement. Because sooner or later its going to become an expensive, legal nightmare.

 

[gb77]

i'm not sure what the current document is, and i don't know how it would effect what document i need to use to create the circumstance i described above. so i guess if it matters, can you provide info for both the common & joint title? thanks for your help

 

[justalayman]

How about you find out how title is held and then somebody will be more likely to assist you further? You are asking somebody to do more work simply because you do not want to take the time to obtain the information requested.

 

[latigo]

i'm not sure what the current document is, and i don't know how it would effect what document i need to use to create the circumstance i described above. so i guess if it matters, can you provide info for both the common & joint title? thanks for your help

I’ve told you what kind of document you need to accomplish your purposes. (Without effect, apparently.)

It is called a Co-Tenancy Agreement. If you wish to include a buy and sell, or incorporate provisions on survivorship rights, or do so through a separate instrument that is up to you.

But hire an attorney to do the drafting. You are tossing out terminology of which you obviously have no inkling of meaning and/or legal significance.

To me the status of the title seems obvious. If as you write, “I (you) own a home with your brother”, then you each had to have acquired title in undivided shares * – most likely equal undivided shares – but equal or disproportionate an estate in co-tenancy was created.

(Or, and less likely, one brother owned the whole in fee simple and then conveyed and undivided partial interest to the other. But same difference.)
___________

To prepare a separate “document” requiring both signatures to sell, mortgage, etc. would be a superfluous needless act as by definition the co-tenancy relationship demands the written consent of all co-owners.

Again I urge you to discontinue this type of ownership. Either one of you buys the other or you both sell to a third party.

But you’ll probably pay no heed to such experienced wisdom until, death, divorce , sibling squabbles, IRS, or other attaching creditors throws this into an expensive partition lawsuit.
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[*] It is inconceivable that you two would have acquired your interests in the home other than as undivided ownership of the whole unit. Certainly not each taking title to a separate divisible portion of the home.