This will depend on how the property interests are held. If the property is held by several owners as "joint tenants" or "JTROS" then no, you cannot separately sell your interest to the bank without the permission of (and perhaps a revision of the deed by) the other co-owners. If, on the other hand, the interests of the various owners are held in "tenancy in common" then each owner is free to sell or otherwise deal with his/her interest on their own.
Please consult an attorney directly before taking action. This answer is intended for general information only and should not be taken as legal advice. My communication with you is not privileged and is not within, or intended to create, an attorney-client relationship. Pursuant to Circular 230 of the Department of Treasury: (1) no written statement to be provided by me relating to any Federal tax transaction or matter is intended to be used, and no such statement can be used, for the purpose of avoiding penalties that may be imposed on the taxpayer, and (2) such written statement may not be used by any person to support the promotion or marketing of or to recommend any Federal tax transaction or matter.
The nature of your property interest will govern whether you are free to dispose of your ownership. If the property is held in a joint tenancy, or a joint tenancy with rights of survivorship, then most probably you will need approval of the other joint tenants. If the property is held in a tenancy in common, you are most likely free to dispose of your interests as you see fit. I agree with Mr. Mack's answer. I suggest your bring all documentation concerning your father's bequest to an attorney for an evaluation of your specific situation. I wish you the best.
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I am entertained by my learned colleague's brief response, so I apologize for taking the humor out of it by explaining.... Assuming you have an actual fee (the lawyer word for a present interest in real property). Let's assume it isn't a remainder after a life estate or a trust expectancy or a survivorship interest. Most assuredly, you need a competent NJ lawyer to read the Will and run a short title search before you know that, but let's just assume ... so long as you remember the old joke about what assumptions make of "u" and me.
Even if you have a fee, who would buy it? Who would lend on it? They can't live there. They can't sell it without litigating with your sister over partition rights. They probably can't even collect on it if your sister fails to pay the taxes without filing an action for waste, if they can monitor the situation successfully.
But, if you found a banker to buy it, let us know who. I hear there is a bridge for sale from Elizabeth to Staten Island..... ;-)
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