All of the current owners normally must agree to the sale. If a property has multiple owners and the buyer intends to buy the entire property, all of the current sellers identified on the title must agree to the sale or conveyance. Otherwise, the purchase contract and any deed to convey the title will be invalid.
It is sometimes possible to transfer only a portion of the ownership interest in a property, such as when the one of two (or more) co-owners possesses ownership rights through a Tenancy in Common or a Joint Tenancy with Rights of Survivorship. For example, Ben, Charlie and Dana are co-owners of a farm, through a tenancy in common. Charlie wants to sell his ownership interest in the property to Englebert. After the closing, Englebert will become co-owner with Ben and Dana.
Was this article helpful?