If property left to 6 siblings but nobody can get along or agree on anything, how can I get them to buy me out?
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If property left to 6 siblings but nobody can get along or agree on anything, how can I get them to buy me out?
Asked on March 14, 2018 under Estate Planning, Michigan
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, you can file for a "partition". This is an action that provides a remedy when co-owners of jointly held property cannot agree as to ownership matters. In such an action, the court will order that the property be sold if possible. If not (such as in the case of a single family home), then the court will order a "sale in lieu of partition". Accordingly, the property will be offered to the public for fair market value. Once sold, the proceeds are equitably divided. First, however, any owner(s) who wishes to keep the property can buyout the other owner(s), again for fair market value.
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