Legal Question in Real Estate Law in Maine
I live in MA, but I own land in ME with 4 other people. One owns half as tenant in common, I own 1/8 as tenant in common, and the 3 others own the other 3/8's as joint tenants. The 50% owner is seeking to partition his half off. We have reached an agreement on the line. The proposed deeds to accomplish the split are out with us 4 co-owners for approval. We have been advised to consult with a lawyer (wise advice from his lawyer before we all sign off). I have two concerns. Do the new quitclaim deeds alter our standings as tenant in common and Joint Tenants? And once the partition goes through, what concerns should I have about being a tenant in common owner with 3 people who are joint tenant owners. Can they gang up against me in any way? They are a former family unit, mother, father and grown child. And are there other concerns I should have?
1 Answer from Attorneys
I am confused as to how you own 1/8 as a tenant in common, 1 owns 1/2 as tenant in common, but the others own the remaining 3/8 as joint tenants. I suspect that may have been an error and you all own as tenants in common. The issue with new deeds to partition off the 50% owner is not that the deed process to that person inherently changes your status as tenant in common or Joint tenant, but what is your goal? what status do you want? now would be the time to be sure you deed it the way you want. As to common ownership with the others, there are very real issues with the (new) 3/4 owners controling you as a 1/4 owner. However, they cannot sell without your 1/4 signing off, cannot mortgage the property without you, etc so you have strong minority right to veto anything that a 3rd party required to be signed if necessary.
In some instances the parties will set up a corporation to run the land and let the bylaws control future rights/disputes they may have with each other.