Can unsegregated prop. be sold w/out co-owners consents?

[OLiG]

My mother is one of six siblings who own an unsegrated piece of property apprx. 7 acres (approx. 4 currently cleared and livable). We currently are the only ones who live on the property while an uncle has a country home here and comes twice a month. There is another home on the property which belonged to my aunt and uncle who are both deceased and their offspring rarely come but once every 4 months or so and that is to clean the property. They (my cousins) have inherited their share down our bloodline as it was my grandfather's wish. My uncle A who comes twice a month is financially better off than his brothers B and C and has "bought" their share based on loans that of course can not be repaid due to their financial levels. I personally feel he took advantage of their misfortunate hard times and posed a loan as a lien on their share of the property. So far he has done this with two of my other uncles B and C and an aunt D. My uncles B and C have told my mother this because they say the saw and signed the transaction as a loan, yet my uncle A has more savvy and without repayment my Uncle A believes that he owns their share. We advised him that the transactions are not legal because we feel that since the property is not segrated, then all co-owners should be notified of any "legal" transactions and given the same opportunity to purchase should that be the case. We are just not seeing a fair situation here and need some clarity. Can anyone help? I'll check back to answer questions which I'm sure there will be of because there are other details. Thanks.

 

[Michael Wechsler]

It is difficult to answer this question without seeing any of the documentation. The bottom line is that without a deed transferring ownership of the property there is no transfer of ownership. While your uncle may have a lien on the property, it is not ownership of the property. AFAIK, there is no requirement that in such an instance all other property owners must be notified of a sale of a share with the right to but out that share. It seems that every owner can sell although the marketability of such property would likley be limited since it is an undivided interest in the whole which is jointly owned by six other people.

Originally posted by OLi.G
My mother is one of six siblings who own an unsegrated piece of property apprx. 7 acres (approx. 4 currently cleared and livable). We currently are the only ones who live on the property while an uncle has a country home here and comes twice a month. There is another home on the property which belonged to my aunt and uncle who are both deceased and their offspring rarely come but once every 4 months or so and that is to clean the property. They (my cousins) have inherited their share down our bloodline as it was my grandfather's wish. My uncle A who comes twice a month is financially better off than his brothers B and C and has "bought" their share based on loans that of course can not be repaid due to their financial levels. I personally feel he took advantage of their misfortunate hard times and posed a loan as a lien on their share of the property. So far he has done this with two of my other uncles B and C and an aunt D. My uncles B and C have told my mother this because they say the saw and signed the transaction as a loan, yet my uncle A has more savvy and without repayment my Uncle A believes that he owns their share. We advised him that the transactions are not legal because we feel that since the property is not segrated, then all co-owners should be notified of any "legal" transactions and given the same opportunity to purchase should that be the case. We are just not seeing a fair situation here and need some clarity. Can anyone help? I'll check back to answer questions which I'm sure there will be of because there are other details. Thanks.

 

[OLiG]

Gracias

Thanks for the reply. You gave me enough information to act on.
So long.

 

[Michael Wechsler]

Re: Re: Can unsegregated prop. be sold w/out co-owners consents?

Originally posted by michael
AFAIK, there is no requirement that in such an instance all other property owners must be notified of a sale of a share with the right to but out that share. It seems that every owner can sell although the marketability of such property would likley be limited since it is an undivided interest in the whole which is jointly owned by six other people.

This is a common clause placed into condominiums and other cooperatives where a property owner first must offer the apartment to the cooperative before it can go on the market.

 

[OLiG]

Would it then be appropriate to form a cooperative amongst the family? Could we then apply that clause?