Selling of multi owner real estate
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 7 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.
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.