Home Buying in 08205>Question Details

Gerry Estep, Home Buyer in Smithville, NJ

I am a third owner of a home. The other two owners signed an Agreement of Sale with a realtor. I did not, is this legal as I do not want to sell.

Asked by Gerry Estep, Smithville, NJ Sat Jul 20, 2013

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13
Hi Gerry, there are a host of things in your statement.

It depends on a lot of things. Are you the third onwer, but there is an executor? Is the offer at an attorney and in attorney review? There will be discussion of whom the owers are and it would not be able to be sold without this resolution. Unless, as I understand it, there is one person in charge.

You need to speak to an attorney. Pronto.
1 vote Thank Flag Link Sat Jul 20, 2013
Thank you. They are not aware that I am refusing to sign. They just took it upon themselves to put it up for sale. Never consulted or asked me. It was my boyfriends brother idea. He wants out and actually I cannot afford to live on my own until there is more equity in the home. So for the price they are asking I doubt it will sell anyway so I am just biding my time. But if I don't get more money an attorney is just what I need....I will pursue this for sure.
Flag Sat Jul 20, 2013
As others have told you an attorney should be consulted regarding this.
0 votes Thank Flag Link Mon Jul 22, 2013
Gerry,
Are you currently living in this house with the other 2 owners? If so I am certain this is extremely uncomfortable for you. I agree with contacting listing Broker immediately to make them aware of situation. Also did someone buy the place sight unseen or if you live there has your privacy been invaded with out your consent or knowledge? Speaking with an attorney is likely your best recourse . If you live there you have rights that frankly may have been violated.
0 votes Thank Flag Link Mon Jul 22, 2013
If you are named on the deed (vs. an LLC, Corp, Trust), and/or your name is listed on the tax record, send a copy of one or both of those to the managing broker for the real estate company that listed the property with an explanation that you did not sign the listing agreement.

The managing broker is responsible with overseeing the activities of the salespersons and broker-salespersons in their office.

Agents do not perform title searches before listing a property. Title research is performed by a title company. In NJ, title fees are paid by a buyer, and generally title work is not ordered until after mortgage commitment is secured and inspections and any post inspection negotiations are complete. Agents are responsible for pulling tax records and verifying the data listed on the tax roll. If there are 3 named titleholders on the deed, but the computerized tax roll system has only 2 lines available to list owner names, it's possible the agent would not know. You should advise the agent and managing broker.

Most likely all named title holders would appear once title work is performed. Since that is usually not until the transaction is solidly underway, this would cause much grief for many. Innocent buyers may have given notice to a landlord, or sold their current home and be excited to move into their new home. The buyers may have invested $$ in inspections, mortgage application fees, attorneys, appraisal fees and more. The agent might have checked the tax records and found 2 matching names to the signers of the listing agreement. Of course, I am only discussing hypothetical situations and there is much speculation herein.

You can easily contact the managing broker for the office that holds the listings agreement and share you concerns. This isn't a matter of filing a complaint. It's a matter of calling attention to a matter that the brokerage may be unaware and that office would want to know and take corrective action if appropriate to do so. Letting the brokerage know now could potentially save people time, money and inconvenience by solving an issue sooner versus later.

If there are provisions in the deed transfer that would allow the others to sell the property without you, let the brokerage tell you why that would be. If a broker is unsure, he/she will contact their inhouse of retained counsel.

My answer is not legal advice, nor do I represent you as a broker in any real estate matter.
0 votes Thank Flag Link Mon Jul 22, 2013
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
Gerry, If you have any further questions I would be happy to answer them for you to the best of my expertise.
0 votes Thank Flag Link Sun Jul 21, 2013
Hello Gerry, your signature would be required on a deed to transfer title. I would suggest consulting a real estate attorney how can request copies if documents and review them for you.
0 votes Thank Flag Link Sun Jul 21, 2013
There is no necessity in selling this home, they both just want to go back to Pennsylvania because of the taxes in NJ. I, however, have a job here, they are retired and I need to work for 2 1/2 years more until I reach the age of Social Security and then I said I would move to PA.

I was told that I could report the Realtor but I don't want to do that. Obviously, he did not search the title or he would have seen I am an owner of this home also. I don't want to get into the lawyer time yet but if we get an offer I am NOT signing anything and then I will go with further action. I don't want to make my life a living hell...yet.

Thanks for all of your input, it does help a lot, since I don't know a whole lot about real estate and what is legal and what is not.
0 votes Thank Flag Link Sun Jul 21, 2013
Contact the Broker and let them know you are also an owner and ask them to remove the listing
Flag Mon Jul 22, 2013
They can take you to court to force the sale.
The deciding factors will be the necessity of the sale. If the other to owners have any hardship or can show just cause for the sale the Judge will allow it and you will have no say in it. You do have the right to buy them out.

If you really need to keep this home I suggest you secure financing asap.

I just closed on a similar sale and in the process of another one. In both situations I am working for the willing seller and the buyer but did not list the property. As technically the listing is illegal in my opinion.
0 votes Thank Flag Link Sun Jul 21, 2013
Hello Gerry,
The simple answer is that any listing agreement that is not signed by all owners can be rescinded. If you cannot work out a solution with the other owners then I'd suggest getting an attorney.
0 votes Thank Flag Link Sat Jul 20, 2013
The following is not legal advise, I am not an attorney. Only an attorney can provide legal advise.

But as a realtor, my experience has been, if your name is on the Deed, then they will need your approval and eventually your signature to sell or transfer the home. I would contact the agent who listed the property and let them know of your interest in the home.
0 votes Thank Flag Link Sat Jul 20, 2013
NOT legal advice - as I am not qualified to deliver such.

It depends upon how title is held. For example, if title is held by an LLC or Corporation, and the corporation documents allow majority equity partners to sell, you may (or may not) have the ability to stop the marketing of the listing or the sale of the property. If you are a tenant in common with the other owners, you might have the ability to stop the sale.

For some reason, the others believe they have the right to proceed. Ask them why they think they may proceed without you.

Locate your deed and any accompanying documents, along with any rationale statements from the other owners, and consult an attorney.

You can also contact the Broker (vs the agent) of the company that holds the listing agreement and advise them of your concerns.

Deborah Madey, Real Estate Pro in Rumson, NJ
MVP'08
Contact
0 votes Thank Flag Link Sat Jul 20, 2013
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
This is not legal advice. A listing agreement or contract of sale must be signed by all owners. If you do not wish to sell, get an attorney and discuss your options.
0 votes Thank Flag Link Sat Jul 20, 2013
The following is not legal advise, Iam not an attorney. Only an attorney can provide legal advise.
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If you are one of three owners, your signatiure/consent will be REQUIRED to sell this home (unless there is other provisions in the ownership documents).
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The three of you must work together to create the terms and conditions for YOU to buy them out in most situations.
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This can become a delicate situation. When the goals of one person is obstructed by the actions of another, the predictable outcome is resentment. Don't let the situation progress to this stage. Stay comitted to working towards a solution.
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If necessary, have someone you trust to represent your position and have a meet up with the other owners. Often, a third party is able to keep the emotions out of the conversation. YOu will be surprised how honest, transparent and non-judgemental, discussion can produce a goal and outcome acceptable to everyone. Your trusted representative should be experienced in the many methods of structuring the transfer of owwnership. A real estate attorney or REALTOR(R) are good resources to which you can turn.
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It's a shame partner 1 and 2 ambushed you with this effort to sell.
0 votes Thank Flag Link Sat Jul 20, 2013
Thank you everyone and yes I have been ambushed....one owner is my boyfriend and the other is his brother. So, as the saying goes, "blood is thicker than water". They want to go,to PA and I have to stay in NJ due to my job. It is a mess and the realtor has not checked records or he would know I was an owner too.
Flag Sat Jul 20, 2013
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