Full question:
My sister and I own a new York commercial building, We own tt 50/50. She is the president of the corporation. S he entered into a contract to sell the building without my signature. Is this contract legal or is it void.
- Category: Real Property
- Subcategory: Joint Tenants
- Date:
- State: New York
Answer:
The legality of the contract depends on your ownership type: joint tenants or tenants in common. If you are tenants in common, your sister can sell her share without your consent. However, if you are joint tenants, both owners must agree to sell the property. Joint tenancy means that both owners have equal rights to the entire property, and both signatures are required for any sale or transfer.
In joint tenancy, if one owner dies, the other automatically inherits the property. This form of ownership can be severed, turning it into a tenancy in common, where each owner can sell their share independently. In contrast, tenants in common do not have the right of survivorship, meaning that when one owner dies, their share can be passed on according to their will or state law.
In summary, if you and your sister are joint tenants, the contract is likely void without your signature. If you are tenants in common, the contract may be valid if she is only selling her interest.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.