the property is worth more than 4 million dollars, and the sister who wants to sell wants to cash out. The sister who wants to keep the property doesn't have the assets to pay the other sister for her to buy her out. would the sister wanting to sell get her way or would she be locked into keeping the property? Would they be forced to go to legal means and have to hire a lawyer to get it resolved?
The sister that wants to sell will eventually get her way after costly litigation by both sides unless you can negotiate an arrangement agreeable to both parties.
I am licensed in California only and my answers on Avvo assume California law. Answers provided by me are for general information only. They are not legal advice. Answers must not be relied upon. Legal advice must be based on the interplay between specific exact facts and the law. This forum does not allow for the discussion of that interplay. My answer to any specific question would likely be different if that interplay were explored during an attorney-client relationship. I provide legal advice during the course of an attorney-client relationship only. The exchange of information through this forum does not establish such a relationship. That relationship is established only by personal and direct consultation with me followed by the execution of a written attorney-client agreement signed by each of us. The communications on this website are not privileged or confidential and I assume no duty to anyone by my participation on Avvo or because I have answered or commented on a question. All legal proceedings involve deadlines and time limiting statutes. So that legal rights are not lost for failure to timely take appropriate action and because I do not provide legal advice in answer to any question, if you are an interested party you should promptly and personally consult with an attorney for legal advice. Also, see Avvo's terms and conditions of use, specifically item 9, incorporated by this reference
1 found this helpful
8 lawyers agree
Divorce / Separation Lawyer
Yes, if they cannot agree they will have to file a petition to partition type action and use the courts. take care. please hire a good local CA real estate attny.
Legal disclaimer: The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of Massachusetts. Responses are based solely on Massachusetts law unless stated otherwise.
12 found this helpful
7 lawyers agree
Family Law Attorney
This is not a divorce question. You should post this on the real property forum.
No response should be construed as formal legal advice. The acknowledgement of this information or submission of a question to and receipt of an answer from this law firm does not create a client - attorney relationship.
6 lawyers agree
Real Estate Attorney
How is title held ? Joint tenancy or tenants in common ?
DISCLAIMER: This answer is provided solely for informational purposes only. This answer does not constitute legal advice, create an attorney-client relationship, or constitute attorney advertising. Liewen Law is fully compliant with every State and Federal Law, including California SB 94 and the related Civil Code Sections, as well as the FTC Mortgage Assistance Relief Services (MARS) Final Rule. Liewen Law is a debt relief agency helping consumers file for bankruptcy relief under the United States Bankruptcy Code. Liewen Law maintains this website for marketing and informational purposes only. None of the information or materials on this site is legal advice. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. Said information is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship. While we make every effort to keep this site accurate and up to date, we do not guarantee its accuracy and are not responsible for inaccuracies, errors, or omissions.
1 found this helpful
4 lawyers agree
Actually, the answer depends on several variables that you have not given. In the absence of an agreement between the sisters (such as a co-tenancy agreement in which the co-tenants have agreed to waive their partition rights), the selling sister could bring a partition action. If the real property is large enough, the court may order the property to be subdivided so the remaining sister may not have to "buy out" her sister but rather end up with 1/2 of the real property. Only if the local jurisdiction denies a subdivision or if a subdivision can't equally split the property will the court order the sale of the real property and a split of the proceeds.
7 lawyers agree
Construction / Development Lawyer
A partition action will be moved by the sister who wants to cash out. The court will grant when parties' interests in the real property are acertained. Edward C. Ip www.lawyer4property.com
No attorney / client relationship established. The answr is for discussion and general information only. The lawyer had not reviewed any documents or contract prior to the above comments.
Estate Planning Attorney
I agree with Attorney Paul Neumiller. It is important to know is the right to partition has been waived or prohibited in any agreement that affects the property. Partition actions are expensive and time consuming. The preference is to divide in kind rather than partition by sale. If a partition action is filed, both sides will be ordered to ADR, probably mediation, so why not get all parties together and mediate first? If financing is not an option for the would-be purchaser, a third party purchaser of the seller's share may be the answer. Get started on this right away. Gererally, the longer a dispute simmers without resolution, the harder it is to resolve. Good Luck.
Real Estate Attorney
I have found that providing the reluctant sibling with a detailed description of how much money will be sucked out of the property by the otherwise inevitable partition action often brings the reluctant sibling to the mediation table. The amount of money that the attorneys, appraisers, referee, agents and experts can take out of the proceeds is usually sufficient motivation to allow the parties to figure out how to settle things.
Please note that no attorney-client relationship is created or implied by the posting of this answer.