How to Coordinate Realtor Selection with a Co-Owner for a Joint Property Sale in MS
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Always consult a qualified attorney regarding your specific situation. Detailed Answer When co-owners in Mississippi decide to sell joint property, coordinating the realtor selection process helps streamline the sale and minimize conflict. Follow these steps: Communicate Goals: Schedule a meeting with […]
Read article →How to Calculate and Recover Carrying Costs from a Co-Owner in a Joint Sale Agreement in Mississippi
Detailed Answer: Calculating and Recovering Carrying Costs in Mississippi Carrying costs are expenses incurred to maintain real estate before sale. In a joint sale agreement, co-owners share these costs. Common carrying costs include property taxes, mortgage interest, insurance premiums, homeowners association dues, and maintenance expenses. 1. Identifying Carrying Costs Gather all invoices, statements, and receipts […]
Read article →What rights do co-owners have when one heir wants to live in an inherited Mississippi property and another wants to sell?
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance on your specific situation. Detailed Answer When heirs inherit real property in Mississippi as tenants in common, each co-owner holds an undivided interest. This status gives every owner an equal right to occupy and use […]
Read article →What Steps Are Required to Initiate or Consent to a Partition Action Before a Court-Appointed Commissioner in Mississippi?
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a qualified attorney for advice specific to your situation. Detailed Answer Under Mississippi law, a partition action divides real property held by two or more co-owners when they cannot agree on use or sale. The process takes place in chancery […]
Read article →What options exist if co-owners cannot agree on a buyout price in Mississippi?
Disclaimer: This information is for educational purposes only and does not constitute legal advice. Consult a qualified attorney in Mississippi for guidance tailored to your situation. Detailed Answer When two or more people share ownership of real property in Mississippi and cannot agree on a buyout price, state law provides a legal mechanism known as […]
Read article →Do I Get Any Ownership Interest in Real Property If I Am Paying the Mortgage? (MS)
Understanding Ownership Rights When Paying a Mortgage in Mississippi Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a licensed Mississippi attorney for guidance specific to your situation. Detailed Answer In Mississippi, simply paying the mortgage on a property does not automatically give you any legal ownership interest. Legal […]
Read article →Do I get any ownership interest in the real property if I am paying the property tax? – MS
Disclaimer: This article is for educational purposes and does not constitute legal advice. Consult a qualified attorney for advice on your specific situation. Detailed Answer In Mississippi, real property taxes create a lien on the property for the benefit of the state and county. This lien attaches automatically and takes priority over most other encumbrances […]
Read article →What process allows a party to force sale of property through a partition hearing in Mississippi?
Detailed Answer Under Mississippi law, co-owners of real estate—whether tenants in common or joint tenants—may file a partition action in chancery court to divide or sell the property. This process gives a dissatisfied co-owner a way to force the sale of the property when dividing it in kind is impractical or inequitable. 1. Petition for […]
Read article →How Does a Partition Action Work to Resolve a Dispute Among Multiple Owners in Mississippi?
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Detailed Answer When two or more people own real property in Mississippi and cannot agree on its use, sale or management, one or more owners can ask the chancery court to force a partition. A partition action divides or sells the […]
Read article →How Do Existing Mortgage Obligations Affect the Sale and Division of Proceeds in a Partition in Mississippi?
Detailed Answer When co-owners of real property in Mississippi file a partition action, the court may order the property sold and the proceeds divided. Existing mortgage obligations on the property play a key role in determining how sale proceeds are distributed among the parties. 1. Court-Ordered Sale and Deposit of Proceeds Under Mississippi Code § […]
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