Can Tenancy In Common Be Dissolved?
Yes, tenancy in common can be dissolved. Tenancy in common is a type of joint ownership in which two or more people own an undivided interest in a property, but each owner has the right to sell or transfer their interest independently of the other owners.
There are several ways in which tenancy in common can be dissolved:
- Partition: One or more of the co-owners can file a lawsuit to partition the property, which will result in the property being sold and the proceeds being divided among the co-owners.
- Sale: If one of the co-owners wants to sell their interest in the property, they can do so without the consent of the other co-owners.
- Agreement: The co-owners can agree to dissolve the tenancy in common and divide the property among themselves.
- Death: If one of the co-owners dies, their interest in the property will pass to their heirs or beneficiaries according to their will or the laws of intestacy.
It's important to note that dissolving a tenancy in common can be a complex and contentious process, especially if the co-owners cannot agree on how to divide the property. It's usually a good idea to seek the advice of a real estate attorney before taking any action.
We'd love to guide you through the 1031 process, let us know how we can help!