It is common that siblings will inherit their parent’s home as co-owners. However, it is also common that siblings will disagree on how to use, benefit from, or liquidate the property. So, if you and your siblings are experiencing conflicts over whether to keep or sell the jointly-inherited house, continue reading to see how an experienced Montgomery County estate litigation attorney of JD Katz, PC, can work to represent your interests.
How can I split a jointly-inherited house in the state of Maryland?
First, it is best that you attempt to negotiate an arrangement that you and your siblings can all agree to. Such negotiation can occur through mediation, where a mediator will navigate you and your siblings toward common ground, whether that be a buyout, rental contract, or selling it on the open market. This tends to be a more cost-effective approach than the judicial process. What’s more, is that if you end up selling on the open market, you will likely receive greater proceeds than if you sell through the judicial process.
What if beneficiaries cannot agree on how to split a jointly-inherited house?
Suppose that you and your siblings cannot agree on what to do with the jointly-owned house via mediation. If you are one of the beneficiaries who wish to sell the house or disagree with how much one sibling will pay to buy out your interests, then you have access to legal recourse that can make this happen. In the state of Maryland, this process is known as sale in lieu of partition, which means that you can force the sale of the house rather than dividing it.
When you file a sale in lieu of partition, the Maryland court will review the circumstances and decide whether to allow the sale of the jointly-owned house to proceed. The court will appoint commissioners to appraise the value of the house and sell it via a judicial auction. Or, the court will appoint a trustee to sell the property on the open market. Either way, the commissioners and/or trustees will be paid a fee after the house is sold. And after all other expenses are paid off, the remaining balance will be split between you and your siblings in accordance with the interest you each held in the property.
It is important to note that this may create some tension in your personal relationships, so you should choose this option as a last resort. Nonetheless, when litigation is necessary to resolve a jointly-inherited house, you can rest assured that a skilled Montgomery County estate planning attorney can best represent your interests in court. Do not hesitate in contacting our firm today.
Contact our experienced Maryland firm
Our firm has experience with matters of estates & elder law, business law, tax law, and litigation. Contact JD Katz, PC today for assistance.