#InheritingHouseQuestion
Understanding Inheritance Shares
When you inherit a house with other individuals, the distribution of ownership shares is crucial to determining what happens next. In the scenario where you are left with 50% of the home, and two other individuals each have 25%, each party holds a specific stake in the property.
Selling the Inherited Property
If you decide that you want to sell the inherited house, but the other two individuals do not wish to sell, the situation can become complicated. Communication is key in this scenario. You may need to consider negotiating with the other parties to reach a consensus on whether to sell the property or not.
Disagreements Among Co-Owners
In cases where there are disagreements among co-owners about selling the inherited property, the best course of action is to try and come to a mutual agreement. If two parties want to sell the house and the third does not, it may be necessary to seek legal advice to resolve the situation.
Options for Co-Owners
If the other co-owners cannot afford to buy out your share of the inherited house, there are several options available. You could consider exploring the possibility of a partial buyout or entering into a co-ownership agreement. Alternatively, you may need to seek the assistance of a mediator or legal counsel to help facilitate a resolution.
Inheriting a house can be a complex process, especially when multiple individuals are involved. It is essential to approach the situation with open communication, a willingness to compromise, and a clear understanding of your rights and responsibilities as a co-owner. By working together and seeking professional advice when needed, you can navigate the challenges of inheriting a house with others successfully. 🏡💬
Which country and/or state are you in?
Ask the others nicely if they would be willing to sell it. One of them can even buy it from the other two if they want.
And if they don’t respond positively to selling, then legally you can force the sale
So basically you are asking nicely to avoid conflict, but you don’t really need their permission.
If you’re in a commonwealth jurisdiction or the US, you would petition the court for an order of partition and sale. Then you would each get your share of the proceeds, after costs were paid (e.g. the cost of bringing the petition, real estate commissions, any taxes, etc).
We looked into this recently for a 50/50 split. The short version is that any owner can demand a partition, which would essentially force a sale. However, were you to actually go through with that both you and the other owners would spend a huge amount on legal fees, and after that you’d be dealing with an auction for the property which would likely be a lower sale price than if you put it on the market normally. This process would also take a large amount of time, at least a year.
The much better options would be either to have one party buy the others out (owning a decent chunk of the house outright already would make getting a mortgage much easier) or sell the house and split the proceeds accordingly.