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taggy
03-10-12, 18:57
:confused: may i ask about this scenario:

3 friends share to buy a condo, tenancy-in-common:
- person A own 51%
- person B own 29%
- person C own 20%

Person A want to sell the condo, but B and C do not want to sell.
Person B and C also do not want to buy over person A's share.
what can person A do? can person A go to court to force sell the condo?
buttercarp
03-10-12, 19:04
Person A cannot force B and C to sell the condo.
But becoz it is tenancy in common, person A can sell his share to another person B, C or any other person who is willing to buy over his share.
taggy
03-10-12, 19:07
Person A cannot force B and C to sell the condo.
But becoz it is tenancy in common, person A can sell his share to another person B, C or any other person who is willing to buy over his share.

now is person B and C do not want to buy over person A's share.
and i do not think it will be easy to find a person D to take over A's share.
So, in this situation, there is really nothing person A can do?
buttercarp
03-10-12, 19:13
A partition action can filed. This involves going to court and asking to sell the property under court order and distribute the proceeds among the owners.

Usually between friends who are tenancy in common, they should have agreed to sell once a target price is reached and this should be in black and white.
taggy
03-10-12, 19:25
A partition action can filed. This involves going to court and asking to sell the property under court order and distribute the proceeds among the owners.

ic, thanks.
do u know roughly how much will be the legal cost for the partition action?
buttercarp
03-10-12, 19:28
ic, thanks.
do u know roughly how much will be the legal cost for the partition action?

Sorry, that one i don't know.
But definitely won't be cheap.
Last year just to draw up a POA for HDB, my brother spent about $500.
taggy
03-10-12, 19:34
Sorry, that one i don't know.
But definitely won't be cheap.
Last year just to draw up a POA for HDB, my brother spent about $500.
paisei, ask more questions...
what about rental contract for the condo, i assume all 3 person must sign on the rental contract as landlord. In this case, if one person do not want to sign, means the condo can never be rented out legally ?
buttercarp
03-10-12, 19:44
paisei, ask more questions...
what about rental contract for the condo, i assume all 3 person must sign on the rental contract as landlord. In this case, if one person do not want to sign, means the condo can never be rented out legally ?

Co-tenants have the right to possess the property by one tenant or by all the tenants. A can live in the property by himself or share the property with B and C. Neither tenant can exclude the other.

So I think.... this one I am not sure.....
If A wants to rent out the unit, he does not need approval of B and C, but the rental amount he receives must be split among the 3 of them accordingly.

Hey taggy, please get lawyer's advice.
taggy
03-10-12, 20:02
Hey taggy, please get lawyer's advice.
thank you.
this forum full of experts like u leh :D
carbuncle
03-10-12, 20:17
in the first place, whether be it in love, work, or investments, the more people involved, the more problems.

human relationships are weaker than a 30-year leasehold property. dont count on it.
buttercarp
03-10-12, 20:18
thank you.
this forum full of experts like u leh :D

No worries :) .
I no expert lah.
Also learning as the days go by .
carbuncle
03-10-12, 20:19
once court or legal action is initiated, can forget about the 'friendship' or whatever thats left of it
ikan bilis
03-10-12, 20:26
haha... i like this thread... and luckily this one got no bank loan involved... :rolleyes:
taggy
03-10-12, 20:26
once court or legal action is initiated, can forget about the 'friendship' or whatever thats left of it
sigh, sometimes is no choice...
eg. few siblings inherit a private property, then disagreement arise whether to sell or not...
taggy
03-10-12, 20:30
haha... i like this thread... and luckily this one got no bank loan involved... :rolleyes:
ya, my scenario is no outstanding bank loan involve:

3 friends share to buy a condo, tenancy-in-common:
- person A own 51%
- person B own 29%
- person C own 20%

but, can person A mortgage his 51% share of his property? will any bank willing to loan him?
Laguna
04-10-12, 07:08
I see many many group buyings now in the market especially those, after conducting the seminars at a very high price, form the group buying.

Group buyings can be a few share an unit or share a project. The risk is very high, as it is only good in an up market and can rent out the property with a positive cash flow and all can trust each other, and all can agree to each other. Dispute can always happen like this case. At time, group buying, are grouping strangers.

A good group buying, is a proper side agreement been drawn and signed by all parties involved, with a lawyer to deal with situation like the case you mentioned. U can check with your friend whether there is such owners' agreement first.
taggy
04-10-12, 07:34
U can check with your friend whether there is such owners' agreement first.

in this case, no lor, so i m trying to find out what rights does he have now...