But the challenge now is how you and the other involuntary co-owners split up the responsibilities for paying utilities, property taxes, and upkeep.
Of course, your best course of action is likely to consult with an attorney about your specific information, but we hope to provide you with some more general information to assist in the decision process.
Understanding the Probate Process
If the estate needs to go through the lengthy probate process, this may take a year, sometimes more according to The Balance. So know, even though you may be able to live there during probate in some cases, you won’t be able to sell an inherited home until that’s complete.
What Happens When Your Parent's House Is Left in the Will to Two Siblings?
After probate, this home belongs to you and one or more siblings. What now? You’ll need to treat it as a shared asset. Some states call you “co-tenants” rather than co-owners to recognize this sharing relationship, as explained by Investopedia.
Selling the Inherited Home: Coordinating with Siblings and the Estate Executor.
Settling Costs: Accounting for Capital Gains Taxes, Real Estate Agent Fees, and Other Expenses Before Distributio.
How to Initiate a Forced Sale of an Inherited House
First, let us say, it’s best for your relationship if you can convince your sibling to voluntarily sell by making your case and trying to work it out.
What Does an Inheritance Partition Action Entail?
Inheritance Partition: Dividing Properties through Physical Separation.
This may be possible with a multi-family home, undeveloped property, a large ranch, or multiple rentals. Once they finalize the separation, you can legally sell your share of the inherited property.
A property assessor will come in to determine fair market value and help the two of you split up the assets.
What Happens When Property Cannot Be Physically Divided?
The rules of probable vary state-by-state, so be sure to consult with a professional to know your local laws. If the property cannot be divided, in most states, the sibling who wants to sell has the right to sell. So the whole property must now be sold to satisfy the court petition.
Selling Your Share of Inherited Property: A Guide
Whether the properties could be split or not, you now have the complete the sale of the property. What’s next?
You need to sell it quickly without any hassles. The average home sits on the market for 60-90 days, and even more in as-is condition or in certain markets.
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