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What if a co-owner wishes to sell their Tenants In Common interest?

April 26, 2017co-owner common sell tenants wishes

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What if a co-owner wishes to sell their Tenants In Common interest?

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A 75% vote by the Tenants In Common owners will typically be sufficient to initiate the impasse resolution procedure. This procedure allows the Tenants In Common owners with 75% or more of the property to make an offer to buyout the co-owner with 25% or less of the property. The dissenting Tenants In Common owners can either: (1) accept this offer, (2) buy out the 75% Tenants In Common owners at the same price per percentage ownership, or (3) change their dissenting vote to a consenting vote.