Disputes Over Joint Homeownership

Money can cause conflict even between people whose temperaments are compatible under almost any other circumstances. Friendships have ended when the friends started a business venture together, but the business project fell apart before it got off the ground. Spouses who were each other’s strongest supporters when times were tough have turned against each other once they received a windfall. Yes, financial stress can bring out the worst in people, and when parents leave an inheritance to their children, fostering family unity is often one of their motivations. When they designate their children as joint heirs to a piece of real estate property, though, they are forcing them into a financial partnership for which they may be unprepared. The disputes arising from a jointly inherited real estate property might even leave the heirs in a worse financial position than they would be in if they had inherited nothing. If you jointly inherited a real estate property with a family member and need advice about this messy situation, contact a Washington, D.C. real estate lawyer.

What Can Go Wrong When Siblings Inherit a House Jointly?

When a parent’s will provides that all the testator’s children will inherit the testator’s house jointly, the most peaceful solution is that one sibling lives in the house and buys the other siblings’ shares of ownership, thereby becoming the sole owner of the inherited property. The sibling who wants to keep the house keeps it, and the ones who would rather have money instead of an inherited house get the money.

If the siblings do not work out a solution like this, then they are stuck living in the house together, jointly acting as landlords while they rent the house out, or jointly selling the house. All of those solutions are potentially conflict prone, but if all the siblings agree that this is what they want, they will eventually find a way to make it work.

How to Get Out of Jointly Owning a House With Your Sibling

The biggest problem happens when one sibling wants the house to stay in the family, but another would rather have money than real estate. The sibling who wants to keep the house may not be able to afford to buy out the other sibling’s share, but there are ways around this. The sibling that wants to keep the house can raise money by renting out the property, or he can borrow money for the buyout, or else pay in small installments. If you want your sibling to compensate you for your share of the house, but your sibling refuses, you can go to court to resolve the matter. The court might order you to sell the house and share the proceeds, or it might order your sibling to compensate you for your share.

Contact Tobin O’Connor Concino P.C. About Problems With Joint Homeownership

A Washington, D.C. real estate attorney can help you resolve disputes with the co-owner of your house.  Contact Tobin O’Connor Concino P.C. in Washington, D.C. or call 202-362-5900.

Source:

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