Tenants in Common vs Probate

**StickyWicket** · 03-17-2009, 06:27 PM

My question involves real estate located in the State of: New Jersey

Father, prior to death, transferred title to children as tenants in common with equal division of interest. Property transterred for $1 and right of father to live in the small single family home until death. No mtgs or leins. Deed executed without knowledge or consent of many involved.

Father died and one of children is executor. No written or verbal agreement existed or exists between tenants in common. Executor does not appear to understand that home is not part of estate.

What are rights of all co-owners RE:
1. Granting non-owners access to property, without consent of other owners, for the purpose of using, maintaining, repairing, cleaning, renovating or anything-ing short of destroying.
2. Allowing estate property contained within home to remain in home or be removed from home.
3. Accessing financial records pertaining to insurance, taxes, utilities, repairs, etc.
4. If partition becomes necessary, do any of the above rights change during the partition suit process? If so, at what point?

Children many, cooperation minimal, communication little, possibility for agreement non-existent, willingness to buy-out/sell-out low, potential for liability great, situation ugly.

jk · 03-17-2009, 06:41 PM

Deed executed without knowledge or consent of many involved.

well, those involve have to have knowledge of a deed concerning their name. If they aren't, there is a good chance the deed defective.

What are rights of all co-owners RE:

1. Granting non-owners access to property, without consent of other owners, for the purpose of using, maintaining, repairing, cleaning, renovating or anything-ing short of destroying.

any TIC can grant these rights to anybody they wish

2. Allowing estate property contained within home to remain in home or be removed from home.

the property leaving has nothing to do with the TIC's. That is a probate/estate issue.

as to the items staying; unless the estate is being charged for the storage space, nothing to do about it.

3. Accessing financial records pertaining to insurance, taxes, utilities, repairs, etc.

those items would be available to the probate process if needed. They were part of the life estate holders estate.

4. If partition becomes necessary, do any of the above rights change during the partition suit process?

sometimes

If so, at what point?

when a court says they do in response to filing for an injunction.

Children many, cooperation minimal, communication little, possibility for agreement non-existent, willingness to buy-out/sell-out low, potential for liability great, situation ugly.

situation most likely will result in a loss of much, if not all value of the residence. The legal costs will eat a lot real quick.

what is this "buy out/sell out low" thing? Why should anybody expect less than their fair share of true market value if selling out?

**StickyWicket** · 03-17-2009, 07:17 PM

I'm just a spouse in this nightmare. Some siblings want to sell, others do not. Those who do want fair market value. Those who do not are unwilling to offer fair market value. First offer on table is 50%.

New development, a new insurance policy has been taken out naming all siblings as insured. Proplem is, false representation was made to company that residence will remain occupied... and the beat goes on.