Legal Question in Real Estate Law in California
Multiple ownership in land
We have delima as to how to about the property that our parents is planning to deed to us. The problem stems from a 1 acre property with a house and a 4plex unit. I want to keep the land among all siblings, but others want to subdivide. What the best approach to this issue without subdiving and still have the ability to refinance or loan against the property without having the approval of each owners or is wise to subdivide to further avoid problems among the siblings. I want to keep the 4plex owned by all including the main house and subdiving will only cause more rifts on who gets what. The property is in Guam, which I believe uses the same laws as California. What is the best way to approach this.
1 Answer from Attorneys
Re: Multiple ownership in land
You need to contact an attorney in Guam. They exist. I know because I went to law school with two guys who went back there to practice.
The laws in CA notwithstanding, may or may not be applicable in Guam.
Rather than giving you a useless answer, call, get a referral from the Bar over there and ask somebody who is licensed to answer you properly.
I have seen a similar situation set up here where siblings kept property after the death of a parent under a tenancy in common agreement, and frankly it was WAY more work than it was worth. You will no doubt have a sib who wants to cash out and a sib who wants to hang on forever.
There are tax issues with this as well. Hope this helps. Powell
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