If 2 siblings are left an acre lot with a beach house from their parents will, what can be done if one sibling wants to sell their part but the other doesn't want to buy the other sibling out? The land and house were left to both siblings.
If 2 siblings are left an acre lot with a beach house from their parents will, what can be done if one sibling wants to sell their part but the other doesn't want to buy the other sibling out? The land and house were left to both siblings.
File a partition action.
Talk with your sibling first and try not to let a gift ruin a relationship. If the other side can't afford to buy it outright, try to find a compatible buyer who might want to go in halfsies.
Call me, I'll buy it out and partner with you. 50/50 split.
Could the sibling wanting to sell their part, sell to anyone they wanted and force the other sibling to share half of the house and land with the buyer?
Sounds like somebody did a piss poor job of estate planning...
Great question for an attorney.
Where is the beach house?
I am not an attorney, you would need to ask them. BUT in my dealings, absolutely they can sell to anyone they want as long as the Deed actually gives them 50% Ownership, UNLESS the Deed has a Restriction placed on it by your parents, who can and when sell. All of that would have to be spelled out in the deed/transfer of ownership.
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not necessarily
what parent would think one of their siblings would act like such a bitch?
Ugh. Stupid people piss me off.
Have them sit down and come up with a schedule of weeks when each have custody of the home. Then have the brother contract with a realty agent for those weeks and rent it out. It becomes a profit center for him and the other brother can enjoy his beach house on the weeks he would’ve had custody.
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Damn- it seems like it always ends up like this, I hope for the best for you.
Our parents left several properties (rural tracts - no beach house!) to my sister and me. We shared, and managed, undivided interests in all the properties for over 25 years and never had a disagreement or cross word about any of it.
About eight years ago we decided on a plan to divide the properties so that we could prepare our wills. We then "swapped deeds" to clarify and memorialize the tracts that each of us now owns. Not saying that we are saints or perfect people, but I feel very fortunate to have had a good experience in this matter. We have seen other families literally torn apart due to squabbling over what Dad and Mom worked a lifetime to leave them as an inheritance.
That said, when my wife and I had our wills drawn we were careful to specify which tracts and parcels pass to each of our children.
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