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Q: selling my half/realizing my assets from a tenancy in common ( No Answer,   4 Comments )
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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.

Request for Question Clarification by hagan-ga on 09 Nov 2005 08:23 PST
Hello, Asker.  You're on the right track with a partition action, and
in many cases the lawyer's fees would come out of the sale price,
instead of being demanded up front.  Depends in part on the value of
the house.
What state is the house in?

Clarification of Question by asker94110-ga on 09 Nov 2005 10:41 PST
The house is in California, in the Bay Area.
My sister recently gave me keys so that I couldn't say I have been ousted.
When I visited the house however, two of the bedrooms were locked; she
said that she is living in them and so they are private right now.
She seems agreeable to getting a renter in there, however she wants me
to come down and help her get the room ready to be rented.
I prefer to try a partition action, because she also wants to make a
confidential co-owner's agreement with me.  Why does it have to be
confidential??  She thinks I will relay info to my step-dad I guess.

Anyways,  any advice or answers are gladly appreciated.

Thanks so much,
Answer  
There is no answer at this time.

Comments  
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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