how to force a co-owner to sell?
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how to force a co-owner to sell?
A home left to 3 siblings and 1 wants to purchase it but it’s been 3 years and he’s still not ready. The other 2 siblings want their inheritance/money from the house. Do we have any legal recourse?
Asked on March 30, 2018 under Estate Planning, Texas
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Once the property is put into all of your names, then the 2 who want to sell can file for an action in "partition". This is a legal remedy that is employed when co-owners of property cannot agree as to ownership matters. Pursuant to such an action, the court will order that the property be divicded if possible. If not, such as in the case of a single famuliy home, the court will order a "sale in lieu of partition". Accordingly, the property will be offered to the public for sale at fair market value and upon sale the proceeds will be equitably distributed. First, however, before it is put on the market, any owner who wishes to keep the property will have the oportunity to buy out the other owners.
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