What are my legal rights regarding joint home ownership?
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What are my legal rights regarding joint home ownership?
My dad just recently passed away; prior to that he gave the house and put it into mine and my 3 brothers names. However, my 1 brother wants to buy the house but doesn’t have the money to do so. He’s been on disability and he can’t afford the house he lives in now. How long do I have to wait for him to decide that he can’t buy the house? He’s talking about wanting to move in because he owes quarter of the house.
Asked on July 19, 2018 under Real Estate Law, Ohio
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
When co-owners of real estate cannot agree as to ownership matters, there is the legal renedy of "partition". In such an action, the property will be ordered to be divided if possible. In not, as in the case of a single family house, the court will instead order a "sale in lieu of partition". Accordingly, the property will be put on the market and sold for fair market value. The proceeds will then be distributed equitably. However, before the property is offered to 3rd parties, any owner who wants to buy out the other owne is given the chance to do so. At this point, you should consult directly with a real estate attorney in the area who can best advise you further.
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