Legal Conflict Management Measures For Inheriting A Real Estate Property Jointly With Family Members

Homeownership remains the marker of generational wealth, even as it becomes increasingly elusive.  Most homeowners in the United States have parents who were homeowners, and the greatest predictor of whether Americans under the age of 40 will ever be able to afford to buy a house or condo is if their parents own real estate.  If your parents own their own house, that means that you are in a better financial situation than most people.  In fact, in today’s economy, the only way you will likely ever afford to buy a house is if your parents give you money for a down payment, whether they take out a reverse mortgage to afford it or whether the money is already sitting there in their bank account.  If you simply inherit your parents’ house, this is better than nothing, but things are never simple when two or more siblings jointly inherit a house from their parents.  For help navigating a probate case where siblings have jointly inherited a real estate property from their parents, contact a Tampa probate lawyer.

Sharing Ownership of a House With Your Siblings Can Be a Minefield for Conflict

If you want to sow discord between people who would otherwise be friends, just give them something they both want, and tell them to share it.  Tell two neighbors that the apple tree on the border between their properties belongs to both of them, and watch them split hairs about where the dividing line is and which apples belong to whom.  Plenty of families that used to get along well saw their relationships go sour when they tried to operate a business together.  Likewise, adult siblings might be good friends but bad housemates.  If you and your siblings inherit your parents’ house, decide quickly what you want to do with it.  Will one sibling live in the house and buy out the others’ shares?  Will you jointly own it and keep it as a rental property?  Will you sell it and divide the proceeds?

The Florida Uniform Partition of Heirs’ Property Act

The Uniform Partition of Heirs’ Property Act (UPHPA) sets guidelines for the disposition of property jointly inherited by family members.  If one heir wants to sell the property, it requires him or her to offer to let the other heirs buy the selling heir’s share before publicly offering the property for sale.  Likewise, it provides for a mediation-like process for the heirs to decide what to do with the property.  This way, the law protects the heirs from selling the property at below market value, as often happens with the sale of real estate properties owned by the estate of a deceased person.

Contact David Toback About Selling an Inherited Real Estate Property

A Central Florida probate lawyer can help you keep an inherited real estate property in your family or sell it at a fair price.  Contact David Toback in Tampa, Florida to set up a consultation.

Source:

flsenate.gov/Committees/billsummaries/2020/html/2103