LawProblems.com -- Answers to Questions About Real Estate Law
Money and real estate news you can use everyday
 
           

Home
Real Estate Lawyer
Question of the Week
Tip of the Week
Recommended Books
Resources
Glossary
Contact Sam

Selling Half a Home

Ask the Real Estate Lawyer: Real Estate Law Q&A

REM #LAW 667

By Ilyce R. Glink and Samuel J. Tamkin

Summary: Selling half a home? That's what this reader would like to do. He shares title in the property with his brother and wants to know if he can his half of the house to anyone he wants.

Q: My brother and I inherited equal shares in my late father's home. My brother is living in the home and I want to sell my half. I gave him first choice to buy me out, but so far he has not followed through.
(article continues below useful links)

Can I sell my half of the house to anyone? I am executor of the will and the house is in both of our names.

A: If the home is now in both of your names, you can sell your half of the home to anybody. But it is unlikely that anybody would want to buy your share of the home with your brother living in it. If you did sell it to someone, that person's most likely intent would be to buy your share, sue your brother to force the sale of the home or force your brother to buy the other half of the home from this new stranger.

If you and your brother can't work the situation out, you would have to take the same course of action. You hire an attorney to force a sale of the home. Either owner of the home can bid to purchase the home from the other or the some can be sold to the highest bidder with the proceeds from the sale being split between the owners of the home.

If your brother is employed and has financial means or if your father's estate has other property to distribute, you should try to come up with some sort of agreement that would make you happy and keep your brother happy. Suing your brother should be your last resort, because it could severely tarnish your relationship.

If you are being assisted in the settling of your late father's estate by an attorney, discuss these issues with her. She may have some ideas as to what might be done. If you don't have an estate attorney, you may want to talk to one. It would help if the estate attorney you deal with has dealt with an issue similar to yours.

If the estate attorney does not have first hand knowledge of your type of situation, you're probably best off finding one who has that kind of experience. Otherwise, you could wind up footing the bill for two attorneys.

Samuel J. Tamkin is a Chicago-based real estate attorney. Ilyce R. Glinkís latest book is 50 Simple Steps You Can Take To Sell Your Home Faster and For More Money In Any Market. If you have questions for them, write: Real Estate Matters Syndicate, PO Box 366, Glencoe, IL 60022 or contact them through Ilyceís website www.thinkglink.com

 

 

 

RSS Feeds

RSS 0.91 Feed
RSS 1.0 Feed
RSS 2.0 Feed
ATOM Feed

Home Buying   Using Attorneys to Buy a Home - Earnest Money - Quitclaim Deeds - Easements - Seller Misreprensation - New Construction - Buying with Partners - Home Inspections - Seller Problems - Agent Issues
Home Selling    Using Attorneys to Sell a Home - Seller Disclosure laws - Title Problems - Buyer Problems - Real Estate Agent Issues - Tax Considerations
Home Ownership   Neighbor Problems - Seller Misrepresentation And Fraud Issues - Problems In a Condominium Development - Problems Around The House - New Construction Issues - Subdividing Land
Home Renovation   Architect Issues - Contractor Issues - Problems With Contractors - Inspection Issues - Certificate Of Occupancy - Municipal Inspections - Punch List Issues - Financing Issues - Installment Contracts
Real Estate  
Financing
 
Loan Application Problems - Refinancing Issues - Paying Off An Old Loan - Credit Problems - Seller Recommended Lender - Prepaying A Loan - Prepayment Penalties - Predatory Lenders
Investment  
Property
 
1031 Exchanges - Financing Investment Properties - Landlord and Tenant Issues - Partnership and Company Considerations - Tax Considerations - Subdividing Land
 
Contact Us | Sitemap | Terms of Use | Copyright ©2001-2005. ThinkGlink Inc. All rights reserved.
Reproduction of material from any www.LawProblems.com pages without written permission is strictly prohibited.
Site design by Walker Sands Communications