What do you do with a house that you’ve unexpectedly inherited? If a family member leaves an estate for you or your siblings after they pass, it can suddenly seem like too much responsibility. Joint inheritance, in particular, has the potential for conflict to arise.
Your siblings might want to sell the house and try to convince you to do the same, or vice versa. If you don’t all agree on an outcome, you might believe that this disagreement will prevent any further action. But the truth of the matter is, you or one of your siblings can force the sale of an inherited property without the others’ consent.
If you decide to force the sale of an inherited house, there are many steps and options to consider before your plan can succeed. Validate the will, undergo a probate process, prepare the house, settle fees, find the best home buying company, and more. For a successful sale, each task needs careful consideration.
The Process of Selling an Inherited House
There are many steps involved in selling an inherited property in CT.
First, the executor of the will must determine whether the will is valid.
An estate must go through probate to be sold by the inheritors. Probate is a legal procedure that authenticates the will and deals with any contesting claims.
The next step is for all the inheritors to agree about what to do. If you can’t agree, you might wonder whether siblings can force the sale of inherited property.
Contending taxes is an obstacle you must be prepared to face. There is no inheritance tax for an inherited property CT, but estate taxes from both the federal and state governments can apply. Most people living in Connecticut are exempt from federal estate tax because it only affects the highest property worth. A state estate tax is more common and has a progressive range of 7.8-12 percent.
Once you decide on selling the house, you must prepare it for going on the market. Preparations can include renovations and fixing it up if you have the money and time. However, selling the house “as-is” is perfectly acceptable so long as all the legal steps have been taken care of and all the decedent’s belongings are removed.
Be aware that you still need to provide house maintenance while you’re waiting for the property to sell. This includes costs for insurance, utilities, and general maintenance. Cutting the grass and ensuring the house doesn’t get vandalized are simple ways to maintain the basics.
Choosing the right real estate agent and deciding on the price is fundamental for a successful sale. Researching real estate agents and their credentials will help you find the right one for you. Often they will have advice on market value. They can also offer suggestions to make it more attractive to potential buyers.
You must have a home inspection before putting your inherited property on the market. After this is complete and you have your chosen agent and price, you can put your house up for sale.
Can a Sibling Force Selling of an Inherited House?
If one or more siblings decide they want to keep the house, whoever wants to sell it can still do so if they file a partition action or partition lawsuit from a legal court. Filing partition results in legal action that demands the house sell. You don’t need a partition for selling an inherited property in CT, but it might be the only way if your siblings don’t want to sell.
What is Probate?
The legal process used to prove a decedent’s will valid and administer its wishes regarding their estate is called probate. Probate also takes care of any taxes that might arise.
If there is more than one version of the will, or if someone tries to argue its legality, the probate court will be much more involved.
Probate involves the use of probate court and executors. The process can take longer and cost more than anticipated.
Probate isn’t necessary for selling an inherited property in CT, but the process can help you become better prepared to take charge of the house.
Avoiding probate is sometimes easier on your family as it allows the division of the will to take place privately and without extra costs. However, for some estates probate cannot be avoided, especially if real property is involved.
Consider a Buy-Out Offer
When siblings inherit a property together, agreeing on what to do with it can be trying. Buying a sibling out of their share of the property means they receive their portion of the property’s value immediately.
This tactic is simple but difficult if you don’t have the funds. The same is true if the house still has a mortgage attached. The sale of the home could cover the mortgage, but the money owed on the house needs to be paid off before you can pay off your sibling. Other fees or legal requirements must be met before a buy-out offer will make sense.
Considering the question of can siblings force the sale of inherited property, if there is no money for buy-outs or if there is a lingering mortgage, a forced sale might be the only option.
For inherited property in CT, buy-outs are perfectly acceptable ways to keep a house in the family.
Use a Partition Lawyer
A partition filed with a court can force the sale of an inherited property in CT. Partition lawyers decide if a house should sell, or if a sibling should buy out another, or even how an inherited property must divide.
You can’t stop a partition after it’s filed, so choosing to consult a partition lawyer beforehand is a safe way to get legal advice. Once the court passes judgment, you will know if your inherited property must be sold or not.
Negotiating with Your Sibling
Selling an inherited property is a lot of work, and if you want to sell your house fast now, it’s easier with everyone on board.
Often the sibling who wants to sell an inherited house wants to pay off certain fees such as the mortgage. Or they could want to sell because they will receive cash value from their inheritance. If money is their only objective, they might be open to a cash offer of a buyout agreement.
If a sibling wants to keep the house as an asset and rent it out for money, this is also a viable option for paying off the mortgage. However, it means further responsibility you might not be able to share.
Whether they want to be co-owners, joint tenants, or share in the sale of the house, knowing your siblings’ reasons for wanting or not wanting to sell can help you negotiate for your wishes. Can siblings force the sale of inherited property? Yes, but if you keep clear communications, it’s possible to come to a joint decision without coming to drastic measures.
Selling an inherited house is a lot of work, but it can also help pay off debts and give you immediate value for your inheritance. There are numerous steps to undertake when selling the house of a deceased relative. Probate will allow for a simpler division of the will and validation in case of legality issues.
When you and your siblings inherit a property, you must decide together what to do with it. If one of you wants to sell, it’s possible to force it through filing partition.
If you’ve made the decision to sell your inherited property, contact Ocean City development. We buy houses in Bristol, and we’re here to make your selling process a breeze.