How do I get my share of property that I own a quarter interest in?
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How do I get my share of property that I own a quarter interest in?
My grandma died and left half of her property to my brother and I, and the other half to a distant cousin;, which means that a quarter of the property is mine My brother has lived there for 2 years. I want to be bought out or the property sold so that I can get my share.
Asked on June 8, 2016 under Real Estate Law, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
First of all, the property, if not already done, will need to get the property into the names of the heirs (i.e. your cousin, brother and yourself). You can then employ the legal remedy of "partition". This is an action available to co-owners of property when they cannot agree as to ownership matters. A partition allows for the division of property if it can be physically divided. Where division would be impracticable (i.e. a single family residence) a court would order a "sale in lieu of partition" and an equitable division of the proceeds would be made among the owners. However, before a sale is be ordered, the court would permit a co-owner to purchase the interest of the remaining co-owners for fair market value.
However this can be a time-consuming and expensive process. Perhaps once your brother is informed of all of this he will agree to a sale. At this point, you should consult directly with a local real estate attorney who can advise you further.
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