Hi Bee,
Welcome back.
After the summons is issued to the other co-owners, the appraisal of the property will be done to get the estimate of its value.
The appraisal will be obtained by the person who has filed for partition sale. After the appraisal completes the person will have to obtain a judgment which is called an interlocutory judgment of partition for sale from the court.
The court will then appoint a professional from the real estate arena to have the property sold. The sale of the property will have to be approved by the court to be effective. If approved, the court will provide an order approving the sale of the property and distribution of the sale proceeds among the co-owners.
This is the whole process which takes place from the time the summons is issued to the actual sale and distribution of the proceeds among the co-owners.
The other question you have asked is about how long it takes for the whole process to complete: "How long does the process takes"
It depends how quickly the property actually gets sold after it is listed for sale by the court and the delay in court proceedings in the overall process will also have to be considered while figuring out the estimate of the total time period it would take.
Hope you will get a clear idea of how the process works from my explanation.
Do let me know if you have any other questions.
Colin
Welcome back.
After the summons is issued to the other co-owners, the appraisal of the property will be done to get the estimate of its value.
The appraisal will be obtained by the person who has filed for partition sale. After the appraisal completes the person will have to obtain a judgment which is called an interlocutory judgment of partition for sale from the court.
The court will then appoint a professional from the real estate arena to have the property sold. The sale of the property will have to be approved by the court to be effective. If approved, the court will provide an order approving the sale of the property and distribution of the sale proceeds among the co-owners.
This is the whole process which takes place from the time the summons is issued to the actual sale and distribution of the proceeds among the co-owners.
The other question you have asked is about how long it takes for the whole process to complete: "How long does the process takes"
It depends how quickly the property actually gets sold after it is listed for sale by the court and the delay in court proceedings in the overall process will also have to be considered while figuring out the estimate of the total time period it would take.
Hope you will get a clear idea of how the process works from my explanation.
Do let me know if you have any other questions.
Colin
Once tenants in common decide to settle matters regarding the property outside of court. What happens next? Will we have to get an appraisel of the property? Could someone explain how the process works down to the dividing of the interest in the property. Will one party recieve more then the other?
Hi Pebbles,
Welcome to the forums.
You can have he appraisal done as it will help you to determine the value of the home and divide the interest in property accordingly.
In this form of ownership, the interest is divided unequally and hence one party may receive more than the other.
Each of the tenants is entitled to a certain portion of income from the property and has to bear equivalent share of expenses. Each of them has the right to sell, lease or transfer his share of property to his heir through a Will.
Thanks,
Sara
Welcome to the forums.
You can have he appraisal done as it will help you to determine the value of the home and divide the interest in property accordingly.
In this form of ownership, the interest is divided unequally and hence one party may receive more than the other.
Each of the tenants is entitled to a certain portion of income from the property and has to bear equivalent share of expenses. Each of them has the right to sell, lease or transfer his share of property to his heir through a Will.
Thanks,
Sara
Hi Pebbles,
The tenants in common arrangement should be well-drafted by an attorney as it concerns division of property among two or three owners.
The agreement of tenancy-in-common should mention the issues regarding ownership, management, financing and sale of property. The agreement should be such that there should be some rules which all parties will follow in case any dispute arises.
Hence I shall suggest that you consult an attorney before dividing the property.
Thanks,
Caron.
The tenants in common arrangement should be well-drafted by an attorney as it concerns division of property among two or three owners.
The agreement of tenancy-in-common should mention the issues regarding ownership, management, financing and sale of property. The agreement should be such that there should be some rules which all parties will follow in case any dispute arises.
Hence I shall suggest that you consult an attorney before dividing the property.
Thanks,
Caron.
Hi, Thanks for the information. I have another question, what is the standard procedure if the other party wants to buy you out, once we recieve an appraisel on the home. The other party has been living in the home for 6years. Can you explain what options I have to settle this matter.
If the other party buys you out, they should pay you an amount worth the appraised value of your portion of property. But they cannot buy out until and unless the agreement has that option.
The other party may want to buy you out by the help of partition lawsuit. In this case, the judge will order the sale of the property with the sale proceeds divided in the ratio of the share of interest owned by you and the other party.
In partition, the judge may also divide the property physically into two part owned by you and the other party respectively. Or else, it may allow you and the other party get ownership of a certain part of property representing each of your shares of interest.
In case, you do not want a partition or buy out, you may seek court ruling regarding how the property should be divided. Or else, you may gather enough cash to buy out the other party's portion of property.
In partition, the judge may also divide the property physically into two part owned by you and the other party respectively. Or else, it may allow you and the other party get ownership of a certain part of property representing each of your shares of interest.
In case, you do not want a partition or buy out, you may seek court ruling regarding how the property should be divided. Or else, you may gather enough cash to buy out the other party's portion of property.
Hi Marketimob,
Welcome to Mortgagefit forum.
It is necessary to inform the lender that you want the house title transferred from your father's name to yours. If he allows then the house should first be quit claimed in your name and then the mortgage refinanced.
It is to be quit claimed before refinancing the mortgage as the person taking over the mortgage should have title ownership of the house before he can refinance the mortgage in his name.
Colin
Welcome to Mortgagefit forum.
It is necessary to inform the lender that you want the house title transferred from your father's name to yours. If he allows then the house should first be quit claimed in your name and then the mortgage refinanced.
It is to be quit claimed before refinancing the mortgage as the person taking over the mortgage should have title ownership of the house before he can refinance the mortgage in his name.
Colin
what type of fe is require to do a quick claim deed?
oh !! thanks
Welcome sacha.
Similar query is answered at http://www.mortgagefit.com/quitclaim-deed-30.html . Please go through it.
Similar query is answered at http://www.mortgagefit.com/quitclaim-deed-30.html . Please go through it.
And there are fees that you will pay to the attorney and the notary public.
my brother owns land and someone placed a ouick claim on it and took out a loan on it how can this be avoided? dont you have to prove how you got the quick claim when you take it to the recorders office?i belive i saw something on 20/20 T.V. about this happening in florida.
Hi Billymontana,
How can someone else do a quitclaim deed on your brother's land? After all, he is the owner of that land. So, either he has quitclaimed the land to anyone in order to add that person to the title or give away the land entirely to the other individual.
Just talk to your brother about the quitclaim deed and ask him to go through the records kept at the County Recorder's office. Then ask him to consult an attorney. I think there should be some legal action taken in case anything has gone wrong.
Thanks,
James.
How can someone else do a quitclaim deed on your brother's land? After all, he is the owner of that land. So, either he has quitclaimed the land to anyone in order to add that person to the title or give away the land entirely to the other individual.
Just talk to your brother about the quitclaim deed and ask him to go through the records kept at the County Recorder's office. Then ask him to consult an attorney. I think there should be some legal action taken in case anything has gone wrong.
Thanks,
James.