Selling of multi owner real estate
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Selling of multi owner real estate
Property owned by 6 siblings, left to
them as inheritance. What happens if
some want to sell and some don’t Or if
some want to rent and same don’t?
Asked on August 6, 2016 under Real Estate Law, Ohio
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
AS long as the property is now in your names, then as a joint owner you have a legal remedy known as "partition". This is employed when co-owners of property cannot agree on ownership matters. A partition entails going before a judge who can order a division of the property, if practical. If not, as in the case of a single family dwelling, the court will order that the property be sold and the proceeds equitably distributed. That having been said, the court will first allow any owner who wishes to retain the property the "right of first refusal", meaning that they can buy out the party who wants to sell by paying them fair market value before the property is offered to the public. Just know that this type of lawsuit is costly and time-consuming. Consequently, perhaps after you inform your other co-owners of this, they will be more amenable to work things out.
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