Q: What happens when a property co owner passes and they have tenants, is the property available to be sold immediately?
Probate law for landlord and tenants
Property qualifications for title to be sold if a co-owner passes away
A: If the owner is a co-owner then it depends on how the land was deeded. If the property was right of survivorship then the property shifts entirely to the other co-owner. If it was not right of survivorship then the co-owners 'portion' would have to go through probate (or distributed via trust) before it can be sold. However, depending on the agreement with the co-owner, there may be other factors at play such as they may be able to have first right of refusal at market value or even discounted. You need to have all the details on the co-ownership. Contact an attorney for assistance is the best course of action.
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