Can a sibling sell out if they want to get out of ownership with siblings of a home left to them in a survivorship deed? What are the rights of a sibling that wants out of the owner ship?
You all have equal rights, depending on how the deed was set up. If everyone agrees on what to do, it is not so bad. But if even one person refuses, then the situation becomes more complex. You can file an action in court to partition the property, but these are siblings and going to court not only costs time and money, but would also affect family relationships, so it is never the kind of thing to take lightly.
I would suggest that you set up a family meeting and try to work this out so that you can gracefully bow out and get compensated for your share. Determining the fair market value would then be your next issue. This can either be based on tax value, an appraised value, or an agreed upon value by the parties.
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These situations are never really practical or workable arrangements. Try to work it out in a face to face meeting with all parties. If this fails then you must bring a partition action to resolve this mess.
Hope this helps.
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