Profile picture for Unicornz0

Selling 1/2 interest JTWRS

How best can a person with sell his interest in a single family home in Michigan (JTWRS), to an Investor while the other person named on the title does not want to sell?

Thanks In Advance,
Uni
  • October 16 2013 - US
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Answers (18)

At least you got an answer
  • November 09 2013
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Profile picture for Unicornz0
The most current legal advice I have, says that the JTWRS, in Michigan, cannot be broken Unilaterally.
  • November 09 2013
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Profile picture for JoshBarnettREIB
Check with an attorney buy JTWRS may not be able to be broke up, it protects the other party.  
  • October 19 2013
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Unicornz0
Joint Tenancy Sale
How can one sell their interest in a property held as Joint Tenants, when the other title holder does not want to sell?
What entity can act as an agent for the Seller, when no contact is wanted with the other title holder?

You asked this same question over a year ago. 

The other title holder obviously does not want to sell now any more than they did then. You are trying to do an end run. Usually title held by joint tenants indicates a close relationship between the parties. 

You need an attorney not a Realtor.


  • October 19 2013
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Unicornz0
This post is asking for sales assistance, not legal assistance.


I gave you a sales assistance answer way back.  An agent can only assist in the sale of a property with an agreement signed by all title holders.

If you want to sell your interest and give a quit claim deed to a buyer JUST DO IT!!

If a Realtor gets involved with this and it blows back later their E&O insurance will not protect them.

As Sunnyview stated: Why you are asking if you say you know the answer already? Zillow is great resource, but if you are looking for specific legal advice, it is the wrong resource.
  • October 19 2013
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Profile picture for sunnyview
There is specific information for Michigan JTWRS on Nolo. Nolo states

 "Michigan. Michigan has two forms of joint tenancy. A traditional joint tenancy is formed when property is transferred to two or more persons using the language "as joint tenants and not as tenants in common." Any owner may terminate the joint tenancy unilaterally.

If, however, property is transferred to the new owners using the language "as joint tenants with right of survivorship" or to the new owners "and the survivor of them," the result is different.

No owner can destroy this joint tenancy unilaterally. Even if you transfer your interest to someone else, that person takes it subject to the rights of your original co-owner. So if you were to die before your original co-owner, that co-owner would automatically own the whole property."

  • October 18 2013
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Profile picture for sunnyview
"In my situation, 1 JT can break the joint tenancy by a Quit Claim Deed to a 3rd party, &
possibly by a QCD to themselves, which has nothing to do with selling the property."

Why you are asking if you say you know the answer already? Zillow is great resource, but if you are looking for specific legal advice, it is the wrong resource.

I would recommend asking your question on the Avvo forum where a licensed attorney will reply. Posting a question on Avvo is free. Hope the link helps.
  • October 18 2013
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Profile picture for Unicornz0
"Sisters",

Thanks.

In the link you've posted, Item 3 in part reads:
 
'if there are two or more joint owners, then in many jurisdictions they could FORCE the asset to be sold' (Complaints for sale of property and division of proceeds).
This type of sale would be FORCED, & does not require the consent of all JT.
This would be affected by court order.

Furthermore ('if there are two or more joint owners"), every Joint Tenancy  has 2 or more joint owners (do you know of any JT with only 1 owner?)
The property cannot be sold without the approval of all owners, unless FORCED (Complaints for sale of property and division of proceeds).
My question had nothing to do with any of the above.
I only asked, how best to market my ownership in a JT.

In my situation, 1 JT can break the joint tenancy by a Quit Claim Deed to a 3rd party, &
possibly by a QCD to themselves, which has nothing to do with selling the property.
The property is not sold in this situation, & does not require the authorization of the other JT,
  • October 18 2013
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  • October 17 2013
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Profile picture for Unicornz0
"Sisters",

You wrote:

"What I wrote was not my opinion.  I copied the information from one legal website and one real estate website to give it to you word for word."

Please post the link to the information on the legal website you quoted.

Thanks,
Uni
  • October 17 2013
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Unicorz0

What I wrote was not my opinion.  I copied the information from one legal website and one real estate website to give it to you word for word.

Read that article you supplied and note:  It may be permitted however clearly it says the practice is state by state.  Just because you found some article on the internet that says what you want to hear does not make it legal.

Does your state permit it?

Here is the sales advice:  When a Realtor lists a property for sale EVERY name on the deed has to sign the listing agreement.  To do otherwise puts their license in jeopardy and opens them up to personal litigation.

If you want to sell the interest - advertise it FSBO.  If the practice is not recognized or permitted in your state and you do this - the repercussions could cost you way more than you realize from a sale.

So back to square one.  Get a written opinion from a real estate attorney who practices in your state.
  • October 17 2013
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Profile picture for Unicornz0
This post is asking for sales assistance, not legal assistance.

I am willing to accept information in your field of expertise.
If you are an Attorney, please publish your legal advice.

http://www.legalmatch.com/law-library/article/terminating-a-joint-tenancy.html

If on the other hand, you  are a Realtor,
please assist with the sales information, I've requested.

I'm not here to call names, or flame.
I'd like to keep this post on target.

Thanks Again,
Uni
  • October 16 2013
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Profile picture for Unicornz0
"Sisters",

You can write it as many times as you choose,
But that will not make your answer correct.

For the benefit of anyone reading this:

"How can a joint tenancy be broken" is explained in the following link:
http://www.avvo.com/legal-answers/how-can-a-joint-tenancy-be-broken--954783.html

  • October 16 2013
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ROTFLMAO
  • October 16 2013
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Profile picture for workabee
"But you answer is incorrect.
Any JT can Quit Claim their interest, thereby ending the JT, without consent of the other title holder(s)."

Look cheapskate, pay up for the lawyer...better idea, just leave your legal cheese in the wind cause the only thing more fun than a poop throwing monkey is watching a wannabe schemer get pounded in court.
  • October 16 2013
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Loss of Ownership and Control
Joint owners are legal owners of the asset. The asset cannot be sold, gifted, transferred or mortgaged without the approval of the other joint owners. If there are two or more joint owners, then in many jurisdictions they could force the asset to be sold.

If you think you are right go ahead and do it.
  • October 16 2013
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Profile picture for Unicornz0
Thanks,

But you answer is incorrect.
Any JT can Quit Claim their interest, thereby ending the JT, without consent of the other title holder(s).

Thanks for your post,
Uni
  • October 16 2013
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Under a joint tenancy, each tenant can sell his share, or use it as collateral, but only with the consent of the other tenants.
  • October 16 2013
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