Legal Question in Real Estate Law in Pennsylvania
sale of real estate by only one of three people on deed
we have signed over title of a 105 acre property to our three children, w, j, b. Tenants in common. one child was told that he and one sister would have to buy w out in five years, or that she could sell the property without the other two's consent. They would get their share of the sale price. j lives on property, pays taxes, insurance, upkeep and he won't be able to do anything about it. Would all three have to sign title back to parents, or can it be done with only one signing over ownership or is there another way the action of sale by one can be blocked?
1 Answer from Attorneys
Re: sale of real estate by only one of three people on deed
When 3 people own property as tenants in common, the signatures of all are required to transfer the property itself.
Although any one of the owners may try to sell his or her interest only, there would be few outside buyers interested in a partial share.
If your 3 children want to have a co-owners' agreement spelling out how any of them would buy out the interest[s] of any of the others, that would be the best arrangement to avoid family fights or, even worse, litigation. The same agreement could also specify how they share the costs [including taxes, insurance, upkeep, etc.] of the property if one of them lives in it or if some or none of them live in it.
The signature of only one of the children on a deed back to the parents would transfer only that one child's interest, not the entire property.
They should consult an experienced real estate lawyer in the county for assistance in creating the co-owners' agreement.
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