In inheritances, it is quite common for conflicts to arise between the heirs when indivisible assets such as real estate have to be distributed. When selling an inherited home it may be the case that one party agrees to sell the home and the other party opposes to do so. And is that, how should the inheritance be distributed if one part does not want to sell?
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What can happen in the partition of the inheritance?
If the inheritance has been partitioned, these heirs must agree to the award, in this case of a property, in equal parts or that one of the heirs becomes the owner of the home and pays the other heirs the part of the value that would correspond to each of them.
If the acceptance of the inheritance has been given, the heirs have accepted the corresponding part of the property in inheritance, then we are facing a joint ownership or joint venture . That is, each of the heirs will be the sole owner of their part of the property.
When one of the heirs, in this case co-owner, loses the interest of owning a part of the inherited home, they have the possibility to sell their part to another buyer.
How can you distribute an inheritance floor if one part does not want to sell?
One thing is clear, and that is that it is more difficult to sell a part of the house than the whole house . If it has been decided to sell the house , and one of the co-owners does not agree with the decision made and maintains that he wants to keep that part, then we are facing an extinction of the condominium.
Therefore, the termination of the condominium is a solution that resolves the conflict between heirs. If the condominium heirs agree, there may be two cases:
Establish absolute ownership of the home to one of the heirs. One of the heirs will keep the property, and the other heirs will receive from the new owner the value of the inherited part of the home. For this, it is necessary to have a public deed of termination of the condominium and, in turn, adjudication of the home.
Sell the home to someone else and distribute the value of the home based on the percentage of ownership. In this case, you will have to have the deed of sale.
If even giving these solutions, one of the heirs still does not agree and refuses to sell. So to give a solution to the fact of distributing the inheritance floor if a party does not want to sell , a legal procedure for the division of common property will have to be initiated. Any of the affected heirs can go to court and request the division.
The judicial route as a last resort to disagreement between heirs
When resorting to this route, all the heirs will have to go to court. This will be finalized with a judicial resolution that will be resolved with the sale of the home by public auction. Once the property is sold at auction, the value of the property will be distributed among the heirs based on their part in inheritance.
This solution is the least recommended but in some cases it usually happens. The best solution that can be given in these cases is to reach an agreement between the heirs. When a property is sold by auction, generally, it achieves a value lower than the market price. In this way, the heirs, in general, will lose out since their part of the inheritance has been devalued at the time the money is distributed.
But that is not all, this last case, the judicial route involves legal expenses, that is why many experts in inheritance recommend selling the house at market price without harming the beneficiaries of the inheritance.
If you want to sell an inherited home, we can help you throughout the process
If you have received an inheritance and have decided (or have decided, in the case of several heirs) to put the house up for sale at market price, at Housfy we can help you. Our inheritance experts will advise you at all times to sell the inherited home in less than 60 days . In addition, by not having commissions you will not only be able to sell it at market value but you will save a large amount of money.
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