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Subject:
selling my half/realizing my assets from a tenancy in common
Category: Relationships and Society > Law Asked by: asker94110-ga List Price: $100.00 |
Posted:
31 Oct 2005 03:17 PST
Expires: 30 Nov 2005 03:17 PST Question ID: 586962 |
hello. I am in a very unfortunate situation. My mother passed away from cancer last year, and my sister and I inherited the house. My mother created a trust, which says that upon her death, my sister and I become co-trustees. The house was put into the trust. Long story short, my sister and I are tenants in common in equal shares of a 4 bedroom house in the peninsula. She is living in it, and never really moved out of her childhood home. I want to sell my half, but meanwhile my sister and step dad are engaged in a legal dispute about the house. he deserves certain equity. How can I realize my assets and not be involved? Unfortunately my sister and I do not get along, and she will veto and potential tenants. I should be getting positive cash flow from the house, seeing as how it has $4,000 / month rental value; the mortgage, property tax and insurance add up to much less per month. How can I force sale in the easiest way? I don't have much money for a lawyer, I just have half a house that I inherited, that I have for intents and purposes been ousted from. How do I get the rental value that I am entitled to? I know I can try something like a partition action or forcing sale, but I know if I go to a lawyer that I will quickly owe over $1000. I need some forms or case law, anybody???? I never thought I would be in this situation. thanks. | |
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There is no answer at this time. |
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Subject:
Re: selling my half/realizing my assets from a tenancy in common
From: gozzy11-ga on 31 Oct 2005 05:07 PST |
This comment should not be taken as legal advice, always when in doubt consult a local lawyer, but just some thoughts, 1st if your sister and step-dad are in a suit for equity in the house then untill that is resolved you will not be able to obtain a clear title to which you may if possible sell your share 2nd you say that the property was not titled directly to you and your sister as tenant's in common but to a trust which both of you are beneficary, then trust should have outline terms and conditions for sale of property 3rd your sister lives at the property to which you are both tenant's in common, I assume she pays taxes, insurance, and mortgage which should be dudcted from any rent amount generated from the rental of the house to 3rd party, then you would have a right to half which is left over, 4th what is the vlaue of the house, if your sister does not want to sell or share letting you use the house then you will most likely have to force a partition/sale of your equity in the house by either agreeing on a price to which your sister buys you out or a court order forcing a sale to third party, to which for you will need a lawyer but depending on the value of the house it might be worth the process, sounds like unless you do something your sister will just live in the house and enjoy it while you can not enjoy your part of the house you have a 50% right to the house if she is a pain start hanging out use the house for weekends and so on force the issue if you stay passive your sister will cont to walk over you |
Subject:
Re: selling my half/realizing my assets from a tenancy in common
From: markvmd-ga on 31 Oct 2005 08:19 PST |
If I recall correctly, this is the type of situation where a "quiet title" lawsuit is needed. This is to resolve who owns title and in what amounts. Once ownership among you, sis, and dad is cleared up, a partition action can force the sale of the real estate and distribution of profits-- or losses. The above is subject to state and probably local laws. A lawyer is an absolute necessity in such matters. |
Subject:
Re: selling my half/realizing my assets from a tenancy in common
From: stroh-ga on 03 Nov 2005 21:32 PST |
If you are a Tenant in Common, you are likely owed $2,000 monthly rent from your sister if she is living there. See: http://en.wikipedia.org/wiki/Tenants_in_common |
Subject:
Re: selling my half/realizing my assets from a tenancy in common
From: cynthia-ga on 04 Nov 2005 05:03 PST |
Sounds to me like the easiest thing to do is to sell your half to your step-dad. I bet he'd be a most willing buyer... |
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