Legal Question in Real Estate Law in Maryland
co-tenant request for sale of inherited real property
A family member (my sister) as co-tenant of an inherited home (parents), is requesting the property be sold.
She is planning to retire in four years and suddenly requests sale of this house that I would like to keep in the family. I don�t want to sell this property for both sentimental as well as finance and tax reasons. I am no where near retirement being ten years younger than my sister.
Instead we deeded the house as tenants in common (not joint) with neither of us residing there, but renting it to cover the insurance, maintenance, and tax expenses.
I have viewed posts in this BB regarding forced sales of property and the mentioned "market value".
If this matter escalates to forced sale does the statement within the Will,
"�Paying Barbara one-half of the value of the house at which it is appraised for inheritance tax purposes." if I wanted to have the house.* have any relevance in the purchase price I would be required to pay?
*Note: Unfortunately the other estate assets in form of bank accounts, insurance, and investments, could not equal the appraised value of the home, or I would taken the house. Also my financial situation at that time prevented me from attaining a loan to buy my sister's interest.
1 Answer from Attorneys
Re: co-tenant request for sale of inherited real property
I would have to read the entire will to give you a definitive answer. If the property was left to you and your sister in equal shares, then she's entitled to half the market value of the house if sold. The fact that you re-deeded it to yourselves as tenants in common suggests this interpretation. If the will left the house to you but required you to pay her half the market value, that could be interpreted to mean half the value as of date of death, if that makes a difference. You may have to negotiate a buyout of your sister's interest if you want to keep the house.
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