Unless the will explicitly states otherwise, inheriting a house with siblings means that ownership of the property is distributed equitably. Siblings can negotiate if the house will sell and the profits will be divided, if one will buy each other's shares, or if the property will continue to be shared. The short answer to this question is yes. If two siblings can't agree on how to handle the property, one of them can file a partition lawsuit in court.
The court will decide what to do with the property. In most cases, the house will be sold and the profits will be divided between the siblings. If a person wanted to keep the house, they could buy it again at the sale or through a real estate ad. If the executor or trustee is delaying the transfer of the home or sells it because they reside there without paying rent, this is incorrect, but it is not grounds for a partition action.
In this situation, it would be best to ask the court to remove the executor or trustee and be charged a surcharge with the help of a trust and probate lawyer. When several siblings inherit a house, they all end up with a share of the property. For example, two siblings would each receive 50% of the property, four siblings would each have 25%, and so on. As a result, the property has several owners, all of whom have a responsible party to the property.
Everyone divides property tax, mortgage payments (if any), and ongoing maintenance of the home, unless there is an agreement or division of the property in the will. Because real estate generally cannot be divided, if one of the parties wants to leave, they can force the sale of the property to receive their share of the profits. This means that the forced sale of an inherited property can occur even when most siblings want to keep ownership of the home. However, many people in this situation choose to avoid the stress of litigation by buying the sibling who wants to sell and keep the house in the family.
Usually, the easiest solution to these problems is to sell the family home and divide the profits equally among the heirs. As long as the property is not in debt, the sale of the house will give each heir his share of the inheritance and avoid further disputes. Keeping families connected is the primary goal of a vacation home, so Hausner suggests that, even if legacy ownership doesn't work for everyone, families might consider planning trips together, buying vacation condos in the same complex, or buying land with space for each branch of the family build their own cabin. You'll need to consider inheritance tax on the home if you live in a state where such a tax still exists.
If it's just you and your sibling, you will own the home equally, unless the ownership interest is stated otherwise in the will. If you are inheriting a home without a mortgage, you have more flexibility in what you can do with the house. Buying your siblings from an inherited property is different than buying a home, but there are several similarities to the process. If family members who inherit a vacation home cannot agree on what to do with the property, an action to divide the asset is a last resort.
If you recently inherited a loved one's home, you might be surprised to learn how long it can take to liquidate the inheritance. If a co-owner is wondering how to stop a partition action, they should be aware that doing so is very difficult, albeit possible. Anyone who is not interested in owning the property can instigate a deed of trust to give the remaining siblings the right to foreclosure if they are unable to make the promised payments. The sale of the house requires that all siblings share the expenses in order for the house to be ready for sale and to appear on the list.
If neither your brother nor your brother is very convinced to keep the house, selling or renting it could be a solution. Hypothetically, if a will or trust says that you and your siblings receive equal shares of a property, everyone has the right to use and enjoy it once they have title; however, in most cases, siblings who jointly use and enjoy one property is not practical, so another will have to be reached agreement on how to divide inherited property between siblings. If you recently lost a parent, you may be dealing with the dispersion of your assets between you and your siblings. If neither you nor your sibling can qualify for a mortgage with a third party lender, one of you, the one who doesn't want to keep the house, can effectively finance the transaction on your own.
As long as everyone agrees and it is financially feasible, they can decide to keep the house in the family and share the maintenance costs. . .