QUESTION
How do I get the other half owners to sell the house or buy me out?
Asked on Aug 16th, 2013 on Estate Planning - California
More details to this question:
My mother left me half of the family home in a living trust. The other half went to my deceased brother's children. Their mother has created huge problems and I have asked them to buy me out - which they have put off. I want out of this nightmare. How can I sell my half quickly and economically?
13 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You will have to file a partition lawsuit in court. The court will decide how to divide the property.
Answered on Sep 03rd, 2013 at 6:38 AM
If you are the beneficiary of a trust, then the Trustee is the person 'charged' with maintaining the assets of the trust and disbursing in accordance with the trust terms. Under a typical trust, there is no beneficiary 'buy out' in the terms of the trust. It is not clear what your problem is with your nieces/nephews. You should go to the Trustee to resolve your issues, or what is highly recommended is that you hire an attorney to find out what your rights and obligations are under the trust and what the other beneficiary rights and obligations are under the trust and to find out what the Trustee obligations are under the trust. Ultimately, the Trustee is the person to 'sell' the trust property - aka, the house.
Answered on Aug 23rd, 2013 at 1:47 PM
Business Attorney serving Orem, UT
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Kirton & McConkie A Professional Corporation
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You can't force them to sell you their half, unfortunately. You can file an action for "partition" which would divide the parcel into two different parcels and you could sell your one-half without their consent. While no one will want to buy half of a house, the act of filing the action for partition could well compel the other owners to cooperate and either sell the whole thing or buy you out.
Answered on Aug 23rd, 2013 at 1:47 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You can go to court and ask the court to order a sale.
Answered on Aug 23rd, 2013 at 1:47 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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If they won't cooperate in selling, tell them you will sue for partition. Then do so.
Answered on Aug 23rd, 2013 at 1:46 PM
If they are not willing to assist with the sale of the house then you would have to file a partition action against them in court. What a partition will do is either force the sale of the house or force them to buy out your interest. That is truly the only way that will get this done and fairly.
Answered on Aug 23rd, 2013 at 1:46 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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You can't. You can sue the other owners for partition. This will not be quick or economical. If they are at all reasonable, and you tell them that you are considering suing for partition, then they may get off their keisters and buy you out. Or they may just get meaner and harder to deal with, so contact a lawyer and be ready to bring suit.
Answered on Aug 23rd, 2013 at 1:46 PM
Thomas Edward Gates
If the house is in a now Irrevocable Trust, the terms of the Trust defines how property is to be managed and when the Trust dies. It is at that time the final estate property is distributed to the beneficiaries. In the mean time, the Trustee, a lone, may sell the house or he may elected to rent it out for income. To retain the house, property taxes must be paid, insurance coverage gotten and a fund created for maintenance. If the children can hold their end that is great for the Trustee to know.
Answered on Aug 23rd, 2013 at 1:46 PM
2 Awards
File a Partition Action with the court. This will force them to buy you out if they want to keep the house and if they cannot it will be sold. You will need an attorney to help you, but you can probably pay the attorney out of your share of the proceeds. I would do it as soon as possible. At James Law Group we make every effort to respond to you quickly and efficiently. This means we may be responding to you from a mobile device. As you know, responding on these devices can result in typographical errors that my otherwise not occur. In order to provide this extra service, please be aware of this and excuse any errors that may be caused by responding in this forum.
Answered on Aug 23rd, 2013 at 1:46 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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Obtain the services of a probate litigation attorney to assist you in filing a petition to partition the property which will compel a sale and a division of the proceeds.
Answered on Aug 23rd, 2013 at 1:46 PM
3 Awards
There is no easy answer. If the property is no longer titled in the Estate or Trust, it either requires an agreement or litigation.
Answered on Aug 23rd, 2013 at 1:46 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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The only way to go quickly and economically is by agreement of the parties. Are the children adults or minors? If they are minors, then I think you need to go through the court. I would expect the judge would appoint a GAL, if that is your situation. If the kids are adults, I would try to reach agreement with them. A partition action in court is the other alternative. Such cases seldom tend to be quick or inexpensive.
Answered on Aug 23rd, 2013 at 1:46 PM
You should go visit with an attorney specializing in estates and real estate. It may be appropriate to seek to partition your interest. Of course, it is always best to have all parties solve these issues together.
Answered on Aug 23rd, 2013 at 1:46 PM