What can I do to get my money from a house that I co-own?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What can I do to get my money from a house that I co-own?
No Will was left by my mother but her estate went through probate. I own 1/3 of the house. How can I get 1/3 of my money from the property? My brother and sister will not contact me about this and she has been living there for 3 years and not paying anything to me.
Asked on February 3, 2016 under Real Estate Law, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
In cases in which co-owners of property cannot agree on ownership matters, the party seeking a sale or buyout can go to court and seek a “partition”. A partition is a legal remedy employed in a situation such as this. It can be accomplished by the physical division of the property if practical or in the case of a single family dwelling, since physical division is not posible, the court would order a "partition by sale". Once the property is sold, the proceeds are equitably distributed to the owners. However, before a sale is ordered, the court permits the non-filing co-owners to purchase the interest of the other co-owner for fair market value. Since filing for partition is expensive and time-consuming, try to explain this to your siblings. In the meantime, you can consult directly with a local real estate attorney. They can best advise you further.
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.