3 family members inherited property in FL. One of the 3 family members are being impossible. They are not allowing the other 2 family members on the property and have changed the locks in the house twice. We have even paid an attorney to write him a letter. He knows how to play the system. We want to sell the property on the market. He does not. He lives on the property for free. He has even gone as far as to threaten us. We just do not want to file a partition action and have it back fire. Serious answers please!
2007-11-24 12:52:24 · 2 answers · asked by go gators 2 in Politics & Government ➔ Law & Ethics
What do you mean 'backfire'? The only way it could 'backfire' is to ruin the relationship between the relatives. It sounds to me the LACK of said relationship is the reason for the problem. As things stand, the 3 relatives had a 'de facto' partnership. ALL parties have the right to get out of the partnership.
The court will order one of 3 things.
1. The ENTIRE property is sold and the proceeds are split.
2. The person wishing to keep the property buys the others out at a value to be determined by appraisal.
3. The property is partitioned into separate properties and each relative is given title to one part. They can then individually keep or sell there parts.
It sounds as if any of the above would be acceptable.
2007-11-24 14:26:05 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
It sounds like your only sensible option. But the risks are that you will spend lots of money on attorneys and selling costs, leaving nothing left to split among the 3 of you.
Any chance that the property can be refinanced to buy 2 of you out with the one living in it paying the mortgage?
2007-11-24 13:02:34 · answer #2 · answered by raichasays 7 · 0⤊ 0⤋