Legal Question in Real Estate Law in Illinois
My Long question,
There is a property worth 600,000 $
I am 25 percent owner, granted through the state due to my fathers Death
My mother Manages the rest 75%. The property Consist of a house and 2 rental units Commercial
Monthly income from rent is a NET 4,600$ I Receive And estimated 1,150.00
a month my cut my question is can I sell My 25% to an interested buyer Sale price is 120,000 $
2 Answers from Attorneys
Assuming that you are saying that the property passed to you by intestate laws, yes.
Yes if you are a tenant in common with your mom. Find a lawyer and broker and go for it, but don't assume that the price you've pegged is reasonable! The only problem with tenants in common is that people don't want to get stuck in the back seat with no control. This is something you'll have to approach your mom on, and frankly if you would inherit more from her when she passes, or are on good terms with the rest of the family that may inherit from her, time to sit down and discuss your desire to sell -- maybe even they'll buy you out -- they have the greater interest in retaining control and not having strangers involved with them! Good luck.
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