Sell my 50 share of a property
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Sell my 50 share of a property
I just inherited 50 ownership of a
home with my sibling, and have no
interest in keeping it but my sibling
doesn’t want to sell.
Asked on August 18, 2019 under Real Estate Law, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
When joint owners cannot agree as to ownership matters, the law provides the remedy of "partition". In such an action, a judge will order that the property be divided, if practical. If not, such as in the case of a single family house, then it will order what a "sale in lieu of partition". Accordingly, the property will be put on the market and sold for fair market value. The proceeds then will be equitably distributed. First, however, before being offered to any 3rd parties, any owner who wants to buy out the other owner(s) can do so (again for fair market value). Just know, that this can oly be done once the property is transferred into your names by the estate.
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