There is a house in San Diego California that when my grandma dies the property gets passed on to my mom aunt and Uncle.
Now my Uncle wants to sell it, my aunt is undecided and my mother wants to keep it. Is it legal to split the property into thirds.
So instead of one reseditial Zone there are three in its place. Please help and if possible please provide links. This is very important to me because the area in queston is one of the nicest areas in the whole city. Thank you for your time.
2006-12-15 16:05:36 · 5 answers · asked by Chard P 3 in Business & Finance ➔ Renting & Real Estate
When they inherit the house, each is regarded as having an "undivided 1/3 interest." This means that the property is as it was when the previous owner passed away and that three parties are equal owners. (It's about as good as owning NOTHING!) People can be real horse's patoots to deal with in such situations. The best solution would be to try to talk your aunt and uncle into selling their interests to your mom. A lawyer would definitely be needed to draw up the deed and transfer the property to a single owner. Or, all three owners could agree to sell to, say, an interested family member (such as you) and then they can equally split the proceeds. Again, a lawyer would be need to take care of the paperwork.
2006-12-15 16:24:30 · answer #1 · answered by The Invisible Man 6 · 0⤊ 0⤋
I think your question is basically a question of how you hold Title. In California, you can hold Title as Tenants in Common. That gives each individual person a right to sell/hold their interest. However, the problem there is that any buyer of 1/3 of the property immediately has two partners, and can't do anything with the property without the others consent. If you can find someone willing to do this, they will demand a huge discount for buying property under such conditions. So even though you can set up title so that each third is sellable on its own, for all intents and purposes, unless someone wants to sell out at a huge discount, your mom, uncle, and aunt are going to have to agree on what to do with this property.
2006-12-16 02:48:28 · answer #2 · answered by Alan 3 · 0⤊ 0⤋
You could probably only split the lot (that section that does not have the home on it). But more likely, you will have to sell and split the proceeds, or someone will have to buy out the other two.
You need to consult a CPA to facilitiate the transaction.
2006-12-16 00:11:37 · answer #3 · answered by Chrisusc 2 · 0⤊ 0⤋
the priopert is in thirds now with 3 names on the deed
If one wants to keep it they should buy out the others 1/3
2006-12-16 00:11:18 · answer #4 · answered by ekleinert 3 · 0⤊ 0⤋
Can't split it up the way yopu are thinking. Why doesn't your mother just buy you aunt and uncles portion then she will own it by herself.
2006-12-16 00:10:09 · answer #5 · answered by trollwzrd 3 · 2⤊ 0⤋