Dear Quentin, There’s been a property in our family going back decades. It was actually split into four equal parts among the original owners, who have now all passed away. So the kids of the owners have the rights to the property. They each have 25%.
The only problem: Not one sibling wants to pony up the money to purchase the property. One of these siblings — my uncle — still lives at the property, lives off Social Security , and really has no desire to have any type of job for an income. My dad has put more than $100,000 into it so far. He’s going through all this trouble of contacting long-lost family members to get their signatures for his purchase of the property in exchange for the money due to them from the property.
My dad just wants the property clean, so he can eventually take out a loan to build a house on the land so he can resell it.Dear Frustrated, First of all, never put $100,000 of your own money into a house that you don’t live in, other people use for accommodation and/or storage and is owned by several people, many of whom don’t have the money to buy you out.
If he does wish to sell the home rather than allow this to linger for years, he should do his best to contact the other owners to convey their wishes to sell or not. Given what you said about the other siblings using the property for various purposes, he is unlikely to reach a consensus. As such, he can take a partition action to force his siblings to sell their share. The court will decide if there is a strong reason to sell. This could be an expensive and bitter legal challenge.
If there are 4 owners and 3 don’t want to sell, you’re not selling
No he can’t. But he could blow out the pilot lights on the gas stove.
Very interesting. I’m involved in a partition action right now. One thing I would add: it takes years and LOTS of money.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: etnow - 🏆 696. / 51 Read more »
Source: WashTimes - 🏆 235. / 63 Read more »
Source: FOX10News - 🏆 581. / 51 Read more »
Source: FOX4 - 🏆 289. / 63 Read more »
Source: FOX10Phoenix - 🏆 83. / 68 Read more »
Source: FOX10News - 🏆 581. / 51 Read more »