What Are Your Options When You Own Part of an Inherited Home or Divorced Home?
Inheriting a property can be a very confusing thing for anyone other than a probate attorney. If you own less than 100% of a property you do not have a right to sell the property in full, even if you own 95%. In the case of divorce, people are unable to sell unless there is an agreement between both parties.
For a property to be sold, you will need all parties to agree to sell. Let’s say two siblings inherit a property, each owning 50%. You will both need to sign a deed to sell the property in order for a buyer to retain 100%, and be issued ownership of the property in full.
There are ways to force a sale of the property though. An example is a partition action lawsuit. In a partition action, heirs/divorcees are looking to sell the property when all parties do not want to sell. It is essentially a forced sale of the property that is ordered through the courts. For example, if two heirs own 50% each and one party wants to sell, they can file a partition sale with the courts to try to force the sale. The other party will have the opportunity to fight the motion, but depending on the situation a resolution will be made where all parties are satisfied fairly. That may mean one heir buys the other heirs 50% interest. If one party has been keeping up the property for years, that party may be entitled to reimbursements. If the property has been rented, heirs may be entitled to rental income that is equivalent to percent ownership.
These events can be very emotional for everyone involved. In almost all cases, it will be much easier to form an agreement between each party out of court. Parties can also hire a lawyer for mediation purposes to help reach an agreement. This could sharply shorten the time that it will take to come to a mutual agreement. If filing a partition action with the courts it can take several months if not years for all the appropriate filings, evidence, etc.
Simple Sale helps handle these events every day. We can help point you in the right direction on an appropriate course of action. We always recommend you discuss these events with your attorney; typically, the more communication between parties that are involved, the better the situation will turn out. It is much easier and less expensive to sit down and discuss problems directly than using attorneys, courts, judges, etc.
Give Simple Sale a call or contact us using our form to begin a discussion on how to figure out the situation. Inheritance, Probate, and Divorce issues in real estate are topics that we deal with and figure out the best solution.
Simple Sale will work to buy your property quickly if all parties decide that is what is needed.
Simple Sale LLC is not an attorney. Please consult your attorney when making legal decisions.