No one wishes to die soon, but it is best to prepare for it, especially if you have a large family and children. When a family man dies, the will of the deceased will contain his properties and how it is to be shared. Sometimes, the deceased leaves the children to own a house jointly. This can be a blessing, and it can also be a great challenge, especially when the children have their own houses already.
Managing two houses can be quite overwhelming, and the truth is that not all the children will be committed to managing the jointly-owned house. Hence, the option of sales might pop up in the mind of some of the siblings.
Selling a jointly-owned house can also be a big issue, especially if it has to go through the legal authorities. This is why it is essential to consider the following options when choosing to sell a jointly inherited house.
Finding out the value of the property is the first and most important step that all the siblings need to agree to. This will help them decide whether selling the house is worth it or to keep maintaining it. It is also essential to get jointly decide on who the appraiser will be. This will help prevent rift of the feeling of being cheated by the time the value of the property is laid out to everyone.
Getting to know the value of the house will keep everyone on a common platform. So there will not be any need to include emotions in the sales process. It will also make the division of the proceeds easier for everyone, hence keeping the relationship among the siblings solid.
Opting for a Buyout
The option of a buyout can be considered if a sibling is choosing to retain the property. This often happens when one of the deceased’s children is or wants to stay in the house. The siblings can then discuss and opt for the buyout option.
It is also essential that everyone choose to agree on this so as not to cause any rift among them in the long run. If this is done well, the relationship can still be maintained as everyone will get a fair share of the property based on whatever metrics the siblings decide to use for the sharing.
Forcing a sale
Forcing a sale is the last option and should only be employed if the siblings have agreement issues. It involves filing a partition, such that the court decides on if and how the property will be divided. The court will inspect the house and make a verdict. This could be that the house should be physically divided or a sibling opts for a buyout option, or the property can be sold, and the proceeds divided accordingly.
The downside to this is that the relationship among the siblings can be broken as some might feel cheated in the long run. This is why it is best to consider the option of discussion before carrying out a partition action.