What is a co-owner’s right to buy out the other co-owners of inherited real estate?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is a co-owner’s right to buy out the other co-owners of inherited real estate?
IF MY 2 BROTHERS AND I INHERITED MY DAD’S SHARE OF MY GRANDPARENT’S HOUSE, DO WE HAVE THE RIGHT TO BE BOUGHT OUT IF MY AUNT WANTS TO STAY IN THE HOUSE? IF SO, HOW LONG DOES SHE HAVE TO BUY US OUT OF OUR SHARE?
Asked on March 5, 2011 under Estate Planning, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
It's not clear form your question, whether or not you don't want to sell to anyone or just to your aunt. However, in general when co-owners of property cannot agree on ownership matters, they can go to court and file an action for "partition". This is legal remedy that allows for the division of jointly held property. Accordingly, if a property can be physically divided the judge will instruct that it be done. However, where division would be impracticable (as in the case of a single family house), a judge would order a sale "in lieu of partition" an equitable distribution of the proceeds among the co-owners would be ordered. However, before doing so, the court would permit 1 co-owner to purchase the interest of the remaining co-owner9s) at fair market value
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.