one more question.... me and my two siblings have equal shares in a house, that we still owe 20,000 for
my sister wants her money. If neither me or my brother want to sell, what can she do .... can she sell something she doesn't even have a clear title to yet?
3 Answers from Attorneys
She can ask the court to partition the property if it's easily divisble. You can refinance and buy her out. You may have to sell if she's entitled to a certain portion.
Yes, she can ask the court to force the sale of the house. This is a bad idea, as it will cost you time, money and attorney fees. I've seen this scenario countless times. If you can agree, the best course of action is to enter into a family settlement agreement, have the house appraised by a realtor the three of you agree on, and refinance the house, buying her out. Feel free to call me if you want to chat about it.
If the property is a home, the court would likely order a sale of the home. The proceeds of the sale would be split amongst the three of you.
Now, since you and your brother want to keep your share of the property, then you can buy her out by paying her for her portion with each you and your brother assuming the note (or refinancing). If you would like to discuss any of this, feel free to give me a call or shoot me an email.