Family feud over Recreational Property owned as tenants in common?
My Uncle and my mom are owners (tennants is common) of a waterfront recreational property. The property is worth allot of money, but the house is a tear-down, and the property, although fabulous, is hard to access as you need to climb down 100+ stairs to reach the house and water.
My Uncle wants to sell his interest in the property. Can he force a sale of the property, or only sell his interest? Mom cannot afford to buy him out and neither can we. It was my Grandfathers wish to have the family property stay in the family for generations to enjoy.
I wonder if this is something we need to fear as we can’t imagine having strangers buy into a 50+ year old family property, without knowing the other owners? Surely, we can make ourselves seem very undesirable as co-owners, so they won’t want anything to do with the place!
Gramps didn’t make his wish legally binding. ( He could have)
The property should have been left in trust to your generation with the right of your mom & uncle to use it, and only allow to encumber it for maintenance purposes, with no additional cash out allowed
A tenant in common should be able to sell their interest alone, without forcing the sale of the entire property.
TIC can be different % owners. I am assuming that mom & uncle each own 50%.. You cannot stop either from selling what portion they own IF they can find a buyer.
Tear down or not, it is worth what it’s worth today as is.
It may not be easy for him to find a buyer for his 50% in this situation, but you can’t stop him.
You could act undesirable and end up being sued by your uncle.. It could get ugly.
“Can’t we all just get along” ??
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