Full question:
If I have put a property, left to me and my siblings from my mother, in a real estate, and they have found a buyer, who will pay the price given, do I have to agree to sell???? What happens if I have changed my mind and the Real Estate owner has a Bill of Sale between her and the potential buyer??? What are my liabilities?????
- Category: Real Property
- Subcategory: Sales
- Date:
- State: Florida
Answer:
The answer depends on how the owners are named on the deed. If you and your siblings are joint tenants with rights of survivorship, you need everyone's consent to sell. However, if you are tenants in common, you may not need consent from the others.
If a contract has already been signed, backing out could result in a breach of contract claim. This may require you to pay the buyer for any out-of-pocket losses and lost profits.
Joint tenancy means that if one owner dies, their share automatically goes to the surviving owner. In contrast, tenants in common do not have this right of survivorship; each can sell or will their share independently.
To summarize:
- Joint tenants need consent from all owners to sell.
- Backing out after signing a contract may lead to legal claims.
- Tenants in common can sell their share without consent from others.
For more specific legal guidance, consider consulting a legal expert.
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.