My three siblings and I inherited our father’s home, but the upkeep and taxes are too high. How can I get rid of this property without angering my family?
October 03, 2022
“In some states, the owner who wants out can sell his or her interest to a third party, usually a speculator, who will then file a partition action to force a below market sale of the property,” says Neil V. Carbone, trusts and estates partner at Farrell Fritz, P.C.
“At least 20 states, including New York, have adopted the Uniform Partition of Heirs Property Act to protect against these sales to third parties,” he adds. “Under this act, the court must determine the value of the property and give the co-owners the opportunity to buy out those requesting the forced sale.” Carbone explained.
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