US Legal Forms
Legal Resources
Questions & Answers
Real Property
How do I get out of the ownership in property I inherited with my brother?

How do I get out of the ownership in property I inherited with my brother?

Full question:

My brother and I inherited a rental property and are tenants in common. I want out. He said he will not sell and can't buy me out since then he has put money into the property without my consent or knowledge. The property is in Michigan. What can I do and what are my rights?

Category: Real Property
Date: 04/07/2025
State: Michigan

Answer:

When tenants in common cannot agree how to deal with real estate they own, a partition action can be filed to force the sell of the property. Section 600.3301 Partition of lands; jurisdiction of circuit court; actions equitable in nature reads: "Actions containing claims for the partition of lands may be brought in the circuit courts, including, but not limited to, the matters covered in this chapter. Such actions are equitable in nature." You can read the entire procedure and laws by checking the code. See Michigan Partition

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What happens if one sibling wants to sell and the other doesn't?

If one sibling wants to sell a property and the other does not, the sibling who wants to sell can file a partition action in court. This legal process allows the court to either divide the property or order its sale, ensuring that both parties can receive their fair share. In Michigan, this is governed by Section 600.3301. It's important to consult with a legal professional to understand the implications and process fully. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

How do I buy siblings out of inherited property?

To buy siblings out of inherited property, you can negotiate a buyout agreement where you offer to purchase their share of the property. This typically involves determining the property's fair market value and agreeing on a price. If negotiations fail, you may need to consider legal options, such as a partition action, to resolve the dispute. Consulting with a real estate attorney can help ensure the process is handled correctly. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

What is the basis of inherited rental property?

The basis of inherited rental property is generally its fair market value at the time of the decedent's death. This 'stepped-up basis' can affect capital gains taxes if the property is sold later. It's important to document the property's value and any improvements made since inheritance, as these factors can influence tax obligations. Consulting with a tax professional or attorney can provide guidance specific to your situation. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

How to buy out a sibling on shared property?

To buy out a sibling on shared property, first assess the property's current market value. Then, negotiate a buyout price that reflects their share. It's advisable to document the agreement in writing and consider having it reviewed by an attorney to ensure it is legally binding. If an agreement cannot be reached, you may need to explore legal options such as a partition action to resolve ownership issues. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

How do I evict my brother from inherited property?

Evicting a sibling from inherited property can be complex, especially if you are co-owners. If your brother is not paying rent or violating terms of occupancy, you may need to initiate an eviction process. However, as co-owners, you might first need to resolve ownership disputes through a partition action. Consulting with a legal professional can help clarify your rights and the necessary steps to take. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*

How does a property buyout work?

A property buyout typically involves one co-owner purchasing the other's share of the property. This process starts with determining the property's fair market value. Once a price is agreed upon, the buying sibling pays the selling sibling, often through a lump sum or financing. Legal documentation should be prepared to formalize the transaction. If an agreement cannot be reached, legal options like a partition action may be necessary. *Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.*