QUESTION
We want to buy a relative out of a cabin and she refuses to be bought out, any recourse?
Asked on Nov 19th, 2020 on Estate Planning - Idaho
More details to this question:
We own 75% of a cabin and our relative owns 25% of a cabin. We have no relationship with this relative other than transactional details regarding the cabin. In order to not pass on the drama of co-owning a cabin with a distant relative we would like to purchase her share of the cabin. We bought her brother out already (whom she has no relationship with), and for whatever reason that pissed her off and now she refuses to enter into negotiations to purchase her share. The cabin is generously worth $800K and we have offered her FMV at $200K, but she refuses. We really can't afford to sue for partition and risk losing the cabin going to auction. This lake has had home owners lose their cabins in this exact same scenario. Do we have any legal recourse to obtain her 25% without suing her?
1 ANSWER
2 Awards
Check with a local probate lawyers. Some states now have an heir's right of partition which protects from the situation you describe. This still involves a lawsuit in the probate court.
Answered on Nov 20th, 2020 at 5:41 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.