My Grandfather died and left his shop building to my father and my aunt. Since then Dad died and his share went to my two brothers and I. My aunt died and her share went to her two surviving children whom I have never met or know their whereabouts. I have paid the property tax on this for the past ten years. How do I get full ownership of this property?
2007-04-13 11:41:27 · 9 answers · asked by JAMES B 1 in Politics & Government ➔ Law & Ethics
I believe that your legal share of the property is 1/6 same as each one of your two brothers whereas your two cousins share is 1/4 each since your grandfather was supposed to divide equally 1/2-1/2 the property to your father and your aunt.
You can get the full ownership by paying off your two brothers and two cousins by the amount due to them.
There is a question though that from the time the property is transferred to you all, who are getting the incomes from the building. Assuming that you all five get the income then each one of your brothers and cousins owed you only the amount plus interests on the property taxes that you paid for. On the other hand, if you alone get benefited from the property income then you owed them the equivalent income due to them for the given period.
Therefore, a complete calculation of revenues and expenses should be prepared in order to come up with how to get full ownership of the property. However, if you are able to locate your cousins and brothers you can pay them a reasonable amount which if they agree and sign the required documents you can follow the necessary procedures to carry out the transfer for your full ownership of the property. You can not transfer to you the properties until all the others agree and sign for it.
You better consult a lawyer about this and to find out exactly the regulations in your area.
2007-04-13 17:52:44 · answer #1 · answered by PJA 4 · 0⤊ 0⤋
In my state, after 10 years of taxes you could claim this property by adverse possession. You do not need deeds or permission of the other owners. You already said you can't find them. However, you can file a quiet title action and serve them by publication. That will give you full ownership. There are a lot of things a person can do without an attorney, but not a Quiet Title. BTW-you seem to have all the elements of adverse possession. The co-owners have an affirmative obligation to watch what is happening to their property. In my state, you would have a very strong case and if you can't find the co-owners--a pretty cheap case to pursue.
2007-04-13 12:05:04 · answer #2 · answered by David M 7 · 1⤊ 1⤋
You should talk to an attorney. You don't state how title to the property is held. I'm assuming that this property was passed to your father and aunt as tenants in common.
Assuming tenants in common, you'll need to "buy" out the ownership interest from the other owners on title. However, since you have been paying taxes on the property, you are entitled to reimbursement from each of the other owners to make you whole.
Talk to an attorney.
2007-04-13 11:55:28 · answer #3 · answered by Peter 3 · 2⤊ 1⤋
You will need the other parties to sign Quit Claim deeds relinquishing their share of the property to you, assuming they agree outright to do this. If they resist, or want to be bought out, then you'll have to negotiate for their shares. Given you have paid the taxes for ten years, you will have a good case that you should receive sole ownership, but the other parties could fight you. Hiring an attorney who specializes in real estate and contracts will be the best way to approach it.
2007-04-13 11:48:00 · answer #4 · answered by Mama Gretch 6 · 0⤊ 1⤋
I agree that the only way for you to have title to the property is by having all of the other joint owners deed it to you. I also agree that you are entitled to reimbursement from those joint owners of their pro-rata share of the taxes.
It is best to get this resolved now before any more fractional shares get inherited by others. I have done title searches where I have seen as many as 18 names on a deed conveying fractional interests to one person.
Hire a good real estate attorney.
2007-04-13 13:03:41 · answer #5 · answered by Mark 7 · 1⤊ 0⤋
This is a very complicated matter. You need to contact a real estate attorney and have him file a petition in Circuit court to determine ownership of the property.
2007-04-13 12:22:08 · answer #6 · answered by LawandOrder 3 · 1⤊ 0⤋
Why didn't you have them pay their portion of the taxes? Anyways if you are tenants in common, you will have to buy out their shares. Then you need to have them taken off the deed and have it recorded through a title company. If the rest of the family aren't willing to sell their shares, they don't have, to but you can still sue for the owed taxes if you are equal shares. You will probably need an attorney if it gets ugly.
2007-04-13 11:50:31 · answer #7 · answered by Eisbär 7 · 1⤊ 3⤋
whilst you're enticing in the pastime with a earnings objective, including working a rooming domicile, then you definately document the earnings and costs on schedule E. authentic sources apartment earnings is on no account stated on schedule C. whilst you're in simple terms sharing costs with a variety of of roommates, that's no longer reportable on your tax return in any respect. you do no longer document any earnings nor deduct any costs.
2016-12-29 08:02:41 · answer #8 · answered by rager 4 · 0⤊ 0⤋
Contact a attorney and he should be able to help you resolve these issues.
2007-04-13 11:44:39 · answer #9 · answered by mom of twins 6 · 0⤊ 0⤋