you inherited some real estate and you want to sell but your siblings don’t.
How can you compromise?
When a piece of real estate has two or more owners and one wants to sell and the others don’t, a petition to partition may be the answer. This happens frequently among families when real estate is left in a will to heirs, but it can also occur when a couple divorces. How do you know what steps should be taken to divide the property?
When the petition process is started, a notification is delivered from the court and given to all owners of the property, in addition to anyone who may have a legal interest such as lien or mortgage holders. The process can be expensive and time-consuming. The individual owners may retain their own lawyer—anyone who doesn't want the petition to move forward can file with the probate court seeking to stop the process.
When a family can’t agree on the terms of the sale itself, the petition to partition can force the co-owners to sit and negotiate. Everyone involved must understand that there will be unnecessary delays and the final sale price may be considerably lower if they take too long to come to an agreement.
For further real estate questions, please contact Stephanie Burrows or email@example.com.