If the property deed shows two names and the owners hold title as tennants in common, either owner can sell their interest without the other's consent.
I would ask the person/agent proposing to sell the property if the other owner has provided a quit claim deed to the seller offering the home for sale. In that case, the 'other owner' has abandoned their ownership claim to the property.
I am not an attorney, but I can explain how this impacts my practive of real estate as a licensed agent. In Florida, all parties who are named on the deed must agree to convey real estate, whether for sale or lease. That's why brokers require agents to verify who is on the deed for any property that they are listing for sale or leasing. And all the parties named on the deed must sign any listing agreement. If you look at this from a practical point of view, it makes perfect sense. You need all parties named on a deed to sign to transfer the real estate to a new owner, otherwise you can't get clear title. How would this be accomplished if only one of the parties put the property up for sale or lease?
Both individuals holding title have the same veto or thumbs up power. The one with the financial responsibility carries 100% of the risk. At closing, the proceeds will be split 50-50 with both names on title. If this is not the case then a letter of explanation has to be provided to the closing agent as to why not.
If the property goes into distress the name(s) on the mortgage go into foreclosure. Although the defaulted lender might persistently contact the title holder the financial responsibility remains with the name on the mortgage.
Brock Realty Inc
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