Legal Question in Real Estate Law in Virginia
Sibling Ownership Of Real Estate in VA.
As a co-owner who has been ignored as to how to utilize the property and deceived about collected rents, do I have a right have current values reflect the FMV for sale purposes.....the FMRent for the last 17 yrs at interest....and deduction of my share of the contributiion to my niece and nephew's economic benefit while living rent free? Can I use these figures to calculate my current share of the FMV or Fair Market Assessed Value (as my sister is trying to use to buy me out)?
2 Answers from Attorneys
Re: Sibling Ownership Of Real Estate in VA.
If you were not excluded from the property, you are not entitled to a share of imputed rent when calculating your respective shares. However, if there was fraud involved (you say you were deceived), that may change things. You need to discuss the specific facts with a lawyer in Virginia (where I understand the property is).
Re: Sibling Ownership Of Real Estate in VA.
The rule in California is that a co-owner out of possession is not owed any rent from another co-owner who is exclusively in possession, unless the out-of-possession owner has been ousted from possession, i.e., kicked out either by threats, force or a milder form of coercion that signifies the ousted person is unwelcome. This concept apparently applies in Virginia as well, as that is what Mr. Press was describing.
However, if either owner derives rents from a third party (non owner), the owner who collects the rents must share the net rental income with the co-owner who didn't collect it.
Since you mention "collected rents" in your question, I'd guess you are entitled to an accounting for rents and your share of the net profit (after expenses) from rental activity.
I don't know whether you are entitled to anything for a neice and nephew living there, rent-free. I doubt it, but that would be an issue for a Virginia lawyer.
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