Re: Joint tenancy contract
I will first direct you back to the correct response filed by Mr. Sher and then provide some additional guidance. Mr. Sher may not have been able to give you a complete answer to your question because your question stated you signed a JOINT TENANCY contract WITHOUT right of survivorship.
1ST, unless you are slowly purchasing the property under a LAND INSTALLMENT CONTRACT, your DEED, not your contract, determines the way you hold title. A copy of the Deed is usually in your settlement documents. You can get a copy of the deed from the Land Records department of your county's Circuit Court. Don't confuse "Deed" (2-3 pages) with "Deed of Trust" (4-8 pages).
2ND, property held without right of survivorhip is called TENANTS IN COMMON. Between Joint Tenants, there IS a right of survivorship. If your Deed or Contract states otherwise, a court may decide it's Tenants in Common.
On the Deed's 1st or 2nd page, look for either "TENANTS IN COMMON" or "JOINT TENANTS".
Although the difference may affect your rights during the time that you both own the property, Mr. Sher's bottom line is the same. The property is just as much hers as it is yours, even if you are the only one paying the mortgage. Locking her out may stop you from getting remimbursed for some of your mortgage payments. You both need to sign a new deed putting title into your name. (If a Land Installment Contract, you must both sign an Addendum removing her from the Contract - this may also require the Seller's written consent). A new deed requires either the agreement of the parties or court action. Without agreement, if the court can't be split the property into 2 equal shares (a "Partition"), it appoints some one to sell the property and determines how much each is entitled to receive ("Sale in Lieu of Partition").
Because either legal remedy can be a lengthy process involving attorneys, appraisers, court appointed receivers, auctioneers, and newspapers (for advertising the sale), all of whom must be paid, and probably requiring refinancing of the property, it is in your best interest to work out an agreement for transfer of your co-owner's interest. You may wish to retain an attorney to assit you in negotiating an agreement since the manner in which you hold title, the number of moirtgge payments made and required improvemens to teh propety may (but are not always) have an impact on what you may have to pay for your co-owner' interest. If the propety has any significant equity it may be worth it to you to pay for a few hours of advice. If you initially decide to pursue an areement without representation of counsel and find your co-owner unresponsive to a reasonable agreement, I suggest you quickly seek out an attorney experienced in real estate law to assist you since the value of real property (and hence your co-owner's equity interest) is growing in the current real estate market.
