QUESTION
How would I go about selling a percentage of a triplex when I don''t technically own a single unit?
Asked on May 12th, 2012 on Real Estate - Florida
More details to this question:
When my grandfather passed, he left behind a will that was deemed invalid due to there not having been a witness signing it. In the will, a triplex he owned was divided between myself and 2 of my aunts, with each of us receiving one specific unit. As stated, the will was deemed invalid and we had to fall back on an older version which divided the triplex unit into thirds, giving each of us 33.3% of the entire property. We all agreed to stick to the newer will between us, with us taking ownership of our respective properties. I would like to know the process in which I would have to go to sell this. Would it be possible to create a contract stating that they own 33.3% but that they can only claim ownership of my individual unit? (my actual lot is the smallest of the 3) Would everyone else have to sign off on this? Please, any help would be greatly appreciated. Thank you.
1 ANSWER
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Florida law will govern the specifics and I think I see two basic issues. As to the first issue, it sounds as if the new will that was deemed invalid had the better plan. I understand, based on the old will, that each of the three of you now own an undivided 1/3 interest in each of the three units. An attempt by any of you to sell will be frustrated by the fact that none of you own a unit in its entirety. The solution should be simple if all of you are cooperative. All three of you should convey one of the units to you, and all three of you should convey each of the remaining units to the others.
The second issue is how the ownership and sale of a triplex is handled under Florida law. Are the units divisible for ownership purposes - similar to a condominium? Or, under the law, are the units divisible at all? If not, then there is nothing to accomplish in dividing the three units among the three of you except perhaps to satisfy a need for each of you to claim occupancy privileges as to a particular unit.
You should confer with a good real estate attorney in your area to learn your options. If the three of you are not cooperative in finding a solution, then the State of Florida will almost certainly have a mechanism whereby the owner of a fractional interest can file an action for a forced sale of the complex.
Answered on May 14th, 2012 at 2:35 PM