Is a joint tenant entitled to receive fair market value for his interest in the home?
Ontario, Canada
The following excerpt is from Souleiman v. Yuusuf, 2021 ONSC 6994 (CanLII):
The applicant also asks the court to fix the value of the family home and to allow her to buy the respondent’s interest for an amount determined by the trial judge. The law is against this claim. A joint tenant has the right to receive fair market value for his or her interest in the property, the true test of which is sale on the open market. If the parties cannot agree to a transfer at an agreed price, the joint property should be listed for sale: See Batler v. Batler (1989), 1988 CanLII 4726 (ON SC), 67 O.R. (2d) 355 (H.C.J.) and Buttar v. Buttar, 2013 ONCA 517, [2013] O.J. No. 3725.
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