QUESTION
If two of the kids want to sell the property and two do not, can they each sell their portion?
Asked on Jun 28th, 2017 on Estate Planning - Illinois
More details to this question:
My father-in-law signed a quit claim deed to his children based on his lawyer's advice. It leaves the property to his wife for her lifetime and then to the four children per stripes. Mom is 90 years old. The children are in their 50s.
2 ANSWERS
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All owners have to sign a deed to transfer it. If an owner owns a defined partial interest as a tenant-in-common that partial interest can be transferred but such a transfer will not change the ownership of the other partial interest owners. A partition action would be required to sell the property as a whole. You should consult with an attorney to discuss your options.
Answered on Sep 17th, 2017 at 7:18 PM
Unless Mom agrees, it is not too easy to sell. What they would be selling is their expectancy, which would be heavily discounted.
Answered on Sep 17th, 2017 at 9:38 AM