21 Nov Legal recourse for getting out of jointly held property
People who want to extricate themselves from joint-ownership of a property with a sibling, friend or family member who is not a spouse can do so simply and quickly, Barrie civil litigator Scott Hawryliw tells AdvocateDaily.com.
“Many of the cases I handle include cottages that parents handed down to more than one child or investment properties purchased by friends, he says. “These are not matrimonial homes, and as such, the same rules don’t apply.
“It’s really any situation where people bought property with someone who is not at arm’s length, like a friend or a cousin, or property inherited with a sibling,” Hawryliw says.
If a sale is desired by one of the owners, “the process involves bringing an application for a partition or sale under the Partition Act, and in most circumstances, it’s going to be granted,” he says. “Only in exceptional situations would the sale be prevented.”
That means if someone wants to get his or her money out of a jointly owned property and remove their name from the mortgage, they can do so quite easily, Hawryliw says…