By far the easiest way to divide jointly held property is simply to agree to do it. The joint tenants can simply come up with an agreed division of the property. It may be a good idea to hire an attorney to draw up a legally binding agreement once you and the other joint tenants have agreed in principle to a division.

Can I be forced to sell my jointly owned property?

Selling a co-owned property or land can be stressful, especially when the other legal owner (s) disapprove the sale. Upon the granting of the order for sale by the court, the legal owner can force for the sale of the jointly owned property.

Can a court split a jointly owned property?

Courts cannot literally split a residential property, for the obvious reason depicted above. If the Court cannot divide the property itself, then it must be sold at a sheriff’s auction with the purchase price divided among the owners. For example, if each person owns 50%, each person receives 50% of the money when the property sells.

Can a brother force me to sell property we jointly own?

The following are Oklahoma statutes: § 12-1501.1. Petition for Partition — Contents — Proof Required. A. When the object of the action is to effect a partition of real interests of the owners thereof, if known. B. 1. Except as provided for in this subsection, in any action of the development objective.

What to do when siblings fight over jointly owned property?

But when such an agreement is not possible on their own, working with a real estate attorney can help in reaching a settlement between the siblings which might involve reaching a co-ownership agreement, having one sibling buy the other sibling out, selling the property and splitting the profits, among other options.

What are the rules for joint property ownership?

Joint Property Ownership When One Party Wants to Sell What are the legal rules for joint property ownership when one party wants to sell? The minority owner CAN force a sale against the will of the majority owners. The law allows any co-owner to facture the joint ownership via a partition action.