If I inherited a home that my aunt owns 25% of,how can I get my portion out if she is not willling to sell the home and divide the assets?
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If I inherited a home that my aunt owns 25% of,how can I get my portion out if she is not willling to sell the home and divide the assets?
My aunt owns 25% of the home that my parents willed to me along with my 6 brothers and sisters. We would like our portion at this time. However, she will not move or sell. Is there anything that we can do to get our portion out while she remains living in the home?
Asked on November 27, 2011 under Real Estate Law, Illinois
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The fact is that when joint owners of property cannot agree as to whether or not to sell the property, the law provides a solution. It is called "partition". In a situation when co-owners disagree as to ownership matters a court can do 1 of 2 things: it can order the division of the property with each owner getting their fair share, or if division in not a practical solution (as in your case - a single family home), the court can order a "sale in lieu of partition". Under this latter remedy the property will be orderedto be sold with an equitable distribution of the proceeds made. However, first any owner(s) that want(s) to keep the property can buy out the other owner(s) for fair market value.
At this point, you should speak directly with a real estate attorney in the area. They can best advise as to your rights in thi matter.
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