We are tenants in common and looking at a possible change. One owner, with three shares of 7, wants out. While we, the remaining 4 shares, were deciding what to do, potential buyers of the 3 shares have been approached. If our 3 share person sells to these other parties, is the process (closing, etc.) solely in the hands of the other owners and buyers? Will the deed need our signatures, too, to transfer title? Just not sure what we, the four share owners, need to be prepared to do, if anything.
Also, the use of the property has been "casual". Usage time was generally understood and for nearly 20 years has not changed. Nothing in writing. Will this hold up to continue with new owners? If we were to put an agreement together, (which probably should have been done years ago) does that become part of the closing?