home ownership by 4 folks….3 want to sell

My parents left their home to the four children. One is living in the home now.
But, the other three would like to sell the home, if the one living in the home
does not want to/or is unable to buy the others out.

What is the legal procedure to selling a home owned by four people.

Brenda

Asked on March 27, 2018 under Real Estate Law, South Carolina

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If the deed is now in all 4 names, then those who want to sell can go to court and file an action in "partition". In such an action, the court will order the property sold in feasible, if not, then it will order a "sale in lieu of partition". Pursuant to this, the property will be put on the market and sold for as close to fair market value as possible. The proceeds will then be equitably disributed. In the event that an owner wants to buy out the other owner(s) then they can do so, again for fair market value.

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If the deed is now in all 4 names, then those who want to sell can go to court and file an action in "partition". In such an action, the court will order the property sold in feasible, if not, then it will order a "sale in lieu of partition". Pursuant to this, the property will be put on the market and sold for as close to fair market value as possible. The proceeds will then be equitably disributed. In the event that an owner wants to buy out the other owner(s) then they can do so, again for fair market value.


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