QUESTION

MY sister and I inherited 3 properties upon my Mother''s passing, we have sold two, the other is a rental Industrial, I want it sold, as we do not get

Asked on Mar 16th, 2012 on Real Estate - Pennsylvania
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along and I am the one that lives here and does all the work, do I need a letter of partition, as it never said in the will to keep the property and also my parents tried to sell it a few years back and found this tenant instead. Also the property is starting to be in disrepair, as my Dad passed away in 2000, I just don;t want the head ache. My Mother passed away in 2010 and this property is still part of the estate and I don;t want it put in our names as we have already paid the state taxes on this, also I have having a hard time getting my sister''s approval on anything thur the lawyer, we are both executors. I just had the cable of the electric done and now it needs a roof on one of the garages, the rent is $36,000 a year and we pay taxes on sewer plus the insurance so basically we would each be getting about $7,500 each a year, it makes no sense to keep it, I am having an appraisel done to see the worth of the property. Your thoughts
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2 ANSWERS

Financial Markets and Services Attorney serving Blue Bell, PA at Max L. Lieberman & Associates A Professional Corporation
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First, for an attorney to properly and appropriately comment on your inquiry, he or she would need to meet with you to review all the relevant circumstances.  Thus, I would suggest meeting with an attorney who can more properly advise you.  Otherwise, below you will find some preliminary guidance. The property is "legally" owned by your and your sister, at least based on the will (which again should be reviewed) and based on what you have related.  The title of the property should be transferred accordingly.  At that juncture, if you and your sister cannot cooperate in either the management and maintenance of the property or agree to sell the property, then an action in partition could be started on your behalf.  Or, prior to initiation of seeking court intervention, an attorney could communicate with your sister and offer her the opportunity to buy your 1/2 interest (for half the appraised value or even a little less than 1/2 if you think that your sister would be more agreeable if she was getting a "good bargain" and which would ultimately save you in legal fees).  If she is agreeable, an agreement should be prepared, money exchanged and a deed and other related and required legal documents should be prepared and recorded, transferring title to your sister alone and paying any applicable transfer taxes. Also, although the facts are not totally clear, any maintenance expenses (such as the cabling etc.) is the responsibility of both you and your sister in proportionate share to your respective interests.     
Answered on Mar 19th, 2012 at 11:14 AM

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Real Estate Law Attorney serving Anniston, AL at Isom Stanko & Senter, LLC
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It appears you and your sister together own the property by virtue of an inheritance and she wants to keep the investment but you want to sell it.  The best solution would be for one of you to buy the other out.  Since you want out, you may be willing to give your sister a bargain price to buy you out.  Then you can get on with your life and there should be no more stress with a family member. If you buy her out, you would then be free to sell the property as you wish.  Again, no family stress. There almost certainly is another solution, but it is likely to do real damage to your relationship with your sister.  The "personal cost" of this solution may be too high for you.  The solution, though, is to file a petition with the local court asking that the property be "sold for division".  Probably all states have some version of this arrangement.  When 2 or more people own property and can't agree on a partitioning or a sale, any one of them can go to court and ask that the court order a public auction of the property and that the net proceeds be divided among the owners.  A public auction also may not bring a very good price.  But either of you can enter bids on the property to keep it from being sold too cheaply.  This can get the job done, but your sister may resent you for doing it.  Make an appointment to see a good real estate attorney in your area to learn more about the procedures, the time that it takes, the cost, etc.  
Answered on Mar 16th, 2012 at 7:07 PM

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