Currently own 2 properties with my father in a tenants in common arrangement. He has 99% share, I have 1%
My father has remarried recently (though we bought properties were long ago)
If things go sour with new new wife, how would it work legally?
Let say she potentially has right to half his share, but she won't be able to sell it? Because I am also a mortagee holding 1%, so can veto any sale
If the property is to be sold, then one party has to buy out the other party?
Speak for yourself. We're all lawyers on ozbargain. Just don't have the piece of paper (yet).
Just design one yourself in Canva, it's what all the cool kids do these days.
Who needs lawyers, we've got a tonne of judges here on OzBargain.
Buy him out. Problem solved
or alternatively buy step mommmmmmmy as well.
If things go sour with new new wife, how would it work legally?
What happened to the 'new' wife? Does you father have a harem?
Did your new new step-mom get PR after marrying your father?
Do you like your new new step-mom?
If the videos I watch are correct when you’re step mom is bored with your dad she’ll be open to you filling that void
Can confirm.
if the time comes. respect her legal rights and possibly she can buy you out your share.
Plot twist - Pam is the step mom mum
She can sell her share (and mortgage her share) without your consent, as tenants in common you each own a distinct and separate share. Query if people will buy it of course and whether a bank will lend on it.
Depending on which state you are in, she can go to court / tribunal and get an order forcing you sell. Given that you only own 1%, if there is a reason for her to sell (eg following divorce she needs the money to buy a new house), I suspect a court will look very favourably at her application
That said I feel this is all theoretical. She won’t be entitled to half of a pre exisiting asset for a very long time if at all. And no court or lawyer will let her take part of a tenancy in common when you also hold 1%. They will award her cash and it’s up to you and your dad to sort out how he raises that cash.
I would say if you don’t want to sell then you’d need to pay the 99% of the current value of both properties. There’s no just saying No I don’t want to sell.
Go get legal advice.
Its the vibe…..
Callig OzDenuito to the front counter..
I think your father is able to sell his 99% share without your permission.
In fact, I think he could sell it to his new wife for $1.
Then she would own 99% and you would own 1%.
Do you find her attractive?
Sell the 1% and then you do not have any issues.
Speak to a solicitor but I don't see how the new wife has any legal right to your dad's pre-existing property? (unless he put her in his will)
It never ceases to amaze me that folks post such questions here. CLEARLY proper legal advice is needed - so what possible aid could OzB's responses from random strangers give?
As whatever advice you're given you'd be MAD to not go and get a proper legal opinion on - especially given it would seem this is about significant sums of money. So why muddy the waters with random guesses from strangers???
You need a solicitor, we aren't lawyers