What are an owner’s rights regarding the sale of jointly held property?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What are an owner’s rights regarding the sale of jointly held property?
There are 4 siblings who own house equally in trust. Sibling #4 resides in the house, however the 3 other siblings want the house sold. Sibling #4 has no ability to obtain the financing needed to buy out others and is adamantly against selling as he does not want the free ride to end. He is uncooperative. Can the majority trust owners exhort their will on the minority in these circumstances?
Asked on March 28, 2014 under Real Estate Law, Illinois
Answers:
Anne Brady / Law Office of Anne Brady
Answered 10 years ago | Contributor
It depends what the trust documents say. If they say that all four must agree in order to sell the house, then the three who want to sell are going to have a difficult time of it. If the trust says that all that is needed is a majority vote and that one of the three can sign to sell, then that will prevail. However, sibling number 4 is still likely to challenge the sale in court. Perhaps, an agreement could be drawn up under which sibling 4 starts paying rent to the other 3 siblings.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.