VIC Tenants in Common - What are my Property Rights?

[Marilyn]

Hi

I have a 50% share in a tenants in common property. I don't want to sell my share, the other person with the other 50% has had an offer to buy their share.

Can they refuse to sell their share, to force the sale of the whole property? What are my property rights?

 

[Rod]

If the other person is determined to sell, your options are:

1. Offer to buy them out
2. Let them sell their 50%
3. Sell property and split proceeds 50/50

You can't force the other party to hold onto their share of the property.

 

[Marilyn]

If the other person is determined to sell, your options are:

1. Offer to buy them out
2. Let them sell their 50%
3. Sell property and split proceeds 50/50

You can't force the other party to hold onto their share of the property.

I'm not forcing the other party to sell, they want to get out.

My daughter has offered to buy the other share, but my fear is that the other person with the other 50% share will not take what ever offers is on the table and force the sale of the whole property. I don't want to sell my share.

 

[Rod]

Are you confident your ownership is as tenants in common and not as joint tenants?

Is the other owner willing to get a formal valuation and sell at that valuation?

 

[Marilyn]

Are you confident your ownership is as tenants in common and not as joint tenants?

Is the other owner willing to get a formal valuation and sell at that valuation?

Both of us have got our own independent valuation from an estate agents.

 

[Marilyn]

Yes we have both got independent valuations from local estate agents value for the whole property.

 

[Rod]

Real estate agents are not valuers. Get other party to agree to a certified valuation and to sell at that price. Your daughter then pays half of the valuation and you save on commission.

Are you tenants in common or joint tenants?

 

[Marilyn]

Are you confident your ownership is as tenants in common and not as joint tenants?

Is the other owner willing to get a formal valuation and sell at that valuation?

Yes Definitely Tenants in common.

Both owners have formal valuations for the whole property from the estate agent, Now offers will be made to purchase the 1/2 share.

 

[Tim W]

Both of us have got our own independent valuation from an estate agents.

Maybe not a formal valuation.
In Victoria, unless your agent is also a valuer operating accordance with
the Code of Practice published by the Australian Property Institute,
it's more likely that you've had separate "market appraisals".
That is, the agents' best guesses at what the lot will bring if sold.
They are quite different things.

You would be well advised to seek formal legal advice,
because what happens next is in part a question of facts and circumstances.

 

[Marilyn]

Maybe not a formal valuation.
In Victoria, unless your agent is also a valuer operating accordance with
the Code of Practice published by the Australian Property Institute,
it's more likely that you've had separate "market appraisals".
That is, the agents' best guesses at what the lot will bring if sold.
They are quite different things.

You would be well advised to seek formal legal advice,
because what happens next is in part a question of facts and circumstances.

OK Thanks