3 way inheritance. 2 want theirs. 3rd one has no money
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3 way inheritance. 2 want theirs. 3rd one has no money
A brother and his two sisters inherited house from parents. Brother has lived in
home for over 10yrs. and has paid property taxes and maintained house best he
could. Now sisters want their share but brother has no money or job. What rights
does he have? He and wife can’t afford to go anywhere else.
Asked on August 16, 2018 under Real Estate Law, Georgia
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
The fact is that when co-owners of property cannot agree as to ownership matters the law provides anlegal action called "partition". In such an action, the property will be ordered to be divided if possible. If not possible, such as in the case of a single family house, the court will instead order a "sale in lieu of partition". Accordingly, the house will be put on the market and sold for fair market value. The proceeds will then be euitqbly distributed. First, however, before the property is offered to 3rd parties any owner who wants to keep the property can buy out the other owners (for fair market value). At this point, the brother should consult directly with a real estate attoreny in his area; they can best advise him further.
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
The fact is that when co-owners of property cannot agree as to ownership matters the law provides anlegal action called "partition". In such an action, the property will be ordered to be divided if possible. If not possible, such as in the case of a single family house, the court will instead order a "sale in lieu of partition". Accordingly, the house will be put on the market and sold for fair market value. The proceeds will then be euitqbly distributed. First, however, before the property is offered to 3rd parties any owner who wants to keep the property can buy out the other owners (for fair market value). At this point, the brother should consult directly with a real estate attoreny in his area; they can best advise him further.
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