James B. Spina
Reputation Level 8
Answered over 2 years ago.
Real Estate Attorney in Homewood, IL.
An "interested party on the house" does not provide the information required to answer your question. Commonly, right at the beginning, a deed states the name of the seller as "grantor." The buyers, or people taking title to the property, are the "grantees." It might say, Grantor, Joe, of (address) conveys and warrants (or conveys and quit claims) to Grantee, Sam and Sally, all right, title and interest in and to (description of real estate) ---.
If you are named as a grantee with him (Sam and Sally), you are an owner of the property. It makes no difference which name is first.
The next question is the form of title in which Sam and Sally own the property. If it says "as joint tenants" or "in joint tenancy," you own the property together; that is, you both own the entire house. Your ownership interests are "undivided." If it says, "as tenants in common," or "as tenants in common," your interests are divided, meaning, more or less, that each of you can transfer your interest.
Next, you must know what it is that you own. Up toward the top of the deed, usually right before or right after the names of the grantees, if it says something like "all right, title and interest" the grantees own all interest in the property. However, ownership can be limited to certain rights, such as mineral rights, or ownership limited by the life of a person, etc. In that case, your interest is limited.
I have tried to provide you with some information to evaluate your situation generally. However, this is a complicated area of the law, and this is in no way enough information on which to act. There are far too many unknown factors to answer your question. A competent attorney must see the deed and all documents involved l you what your rights really are. See one right away.
