Legal Question in Real Estate Law in New Jersey

Re: selling stake in joint owned property

Whenever people other than married couples are co-owners of property, there should be a co-owners' agreement that spells out their respective responsibilities and rights. These would include expenses for maintenance, what kinds of alterations each person may make, in the case of properties like yours, and how each owner may sell her/his interest.

To maintain a decent relationship with your in-laws, I would recommend that you now discuss and enter such an agreement, if you do not already have one. The agreement should be recorded so that future owners of less than the entire interest will be bound by the same terms.

Then you may sell your interest and the person who buys it should observe the obligations and receive the rights under the co-owners' agreement.

You should have a real estate lawyer prepare such an agreement to make sure that the issues are adequately covered and that it is recordable.

Re: selling stake in joint owned property

As long as the title does not create a survivorship situation (e.g., joint tenants with right of survivorship) or any restrictions, you can sell your interest to anyone you choose.