Results 1 to 2 of 2

Hybrid View

  1. #1
    Join Date
    Apr 2011

    Default Co-Ownership-Tenants of Common

    My question involves co-ownership of real estate in the state of:-Illinois

    My Mom built and bought her house her self. She paid for it all in full, so there is no mortgage. A few years later she got married and a few years later she passed away. She left the house to me, my brother, and StepFather in thirds. We are tenants in common.

    She has been gone not even a year yet and my StepFather is already getting married and wanting to move away. He wants his money and he wants to get out. He mentioned me buying him out, which I do not have the money to do so. I do not think that I should have to buy him out-why should he get special treatment because he wants to leave? I mentioned that we could sell. I know it will not be as fast as he'd like (he wants to move in 2 months), but it would probably be the best option for everyone.

    I would like to protect myself. We have a lawyer who closed my Mom's estate, but I would like a second opinion for my rights. This is my home, my StepFather is not currently living here. He is contributing his share of the bills. My brother has moved away also but is still contributing bills. I am the only one living here now. I am trying to protect myself from my StepFather as I am worried that he will try to get as much money as he can and not protect our rights. Do I need to get a lawyer to represent me? Can my StepFather force us to buy him out?

  2. #2
    Join Date
    Jan 2006

    Default Re: Co-Ownership-Tenants of Common

    well, all three can either agree to sell or somebody can sue to partition the property. If that happens, there will be the costs of the court action and you will likely be looking at auction prices, which are always cheaper than the open market.

    as to sharing bills; I don't know what bills you are sharing. If you are the only one living in the house, you should pay all typical utility costs since you are the only one using them. Taxes could be argued either way but since you have the benefit of the house, morally you should probably pay them. What other, if any, bills are being shared?

    1. Sponsored Links

Similar Threads

  1. Life Estates: Life Estate with Tenants in Common
    By kskistad in forum Real Estate Ownership and Title
    Replies: 1
    Last Post: 03-06-2010, 04:06 PM
  2. Tenants in Common vs Probate
    By StickyWicket in forum Estate Planning, Administration and Probate
    Replies: 2
    Last Post: 03-17-2009, 08:17 PM
  3. Co-Ownership: Tenants In Common Partition
    By tcjumps in forum Real Estate Ownership and Title
    Replies: 5
    Last Post: 03-28-2008, 11:57 AM
  4. Co-Ownership: Selling a Home Owned as Tenants in Common
    By HappyF in forum Real Estate Ownership and Title
    Replies: 3
    Last Post: 11-21-2007, 07:01 PM
  5. Co-Ownership: What are Tenants In Common
    By cwjr1835 in forum Real Estate Ownership and Title
    Replies: 4
    Last Post: 05-10-2007, 01:07 PM
Sponsored Links

Legal Help, Information and Resources

Forum Sponsor
Real Estate Forms
Real estate forms and contracts, state specific, immediate download.