My 3 siblings and I inherited 2 houses in So. Illinois. One in 3-2013 and another in 2-2015. They want to sell their shares.

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My siblings appointed me to take care of the houses we inherited in southern Illinois. We all live in Southern California. We have a local bank account set up to pay for house maintenance and property taxes and the annual cost is split 4 ways. Before our relatives died I visited Southern Illinois every summer with my husband and children. I still fly back every 12 weeks to visit and check on the houses. 2 of my siblings want to sell their shares of the houses. The other sibling is not sure what she wants to do yet? I want to keep the properties. Do i buy out the 2 siblings? or do i split the buy out with the sibling thats unsure what she wants to do with her shares? please advise. Thank you

Attorney Answers

3
Sagar Parikh ·
A buy-out or a partition action may be options here. However, as this property is located in IL, you should consult with a real estate attorney there.
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Michael Cernyar ·
Since the property is in Illinois, how the title is vested may influence the structure of the deal because joint tenancy has issues that tenants in common typically won't. Contact an attorney in Illinois for best results. Good luck.
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Richard Price ·
Yes, you can buy out your sibling(s). Try reposting your question under Illinois for a perspective from an Illinois attorney.
0 upvotes