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  1. #1

    Default Can You Sell Your Share of an Inherited Property

    My question involves real estate located in the State of: California

    I inherited property ( a lot) with 2 other relatives. I am wondering if I can sell my share if that is the term. Or do I need their permission ?

    If I can how does that work, is the lot divided up and sold in portions ?

    Thanks!

  2. #2
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    Default Re: Inherited Property with Co-Owners ; Can I Sell My Share

    You can sell your share (of the whole) if you can find somebody to buy it


    the three of you can divide up the property into 3 smaller parcels with each owning their own parcel if you wish. You could then sell your property.

  3. #3
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    Default Re: Inherited Property with Co-Owners ; Can I Sell My Share

    Or, OP could sell his/her/its share to one or the other/both of the other co-owners.
    Don't make me quote Monty Python at you.

  4. #4

    Default Re: Inherited Property with Co-Owners ; Can I Sell My Share

    Quote Quoting jk
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    You can sell your share (of the whole) if you can find somebody to buy it
    Yeah, I was thinking it might be hard to find a buyer with 2 other co owners.


    Quote Quoting jk
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    the three of you can divide up the property into 3 smaller parcels with each owning their own parcel if you wish. You could then sell your property.
    I was wondering about this. I wonder how we would go about who gets what parcel or how to divide the parcels up. One pice might be better than the other. It is in a resedential neighborhood and the piece nearest the street sounds better. Not sure if there are rules on how it must be divided.

    Quote Quoting BooRennie
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    Or, OP could sell his/her/its share to one or the other/both of the other co-owners.
    This might be an option as well. I wonder how we go about finding the value of the property for the sale of 1/3 of it.

  5. #5
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    Default Re: Inherited Property with Co-Owners ; Can I Sell My Share

    depends on what you mean by lot. A city lot is generally the smallest size allowed for building on, can't subdivide so sale would be impossible to a third party You'd need to sell to one of the other owners. A larger lot (parcel) with access could be split then sold, but then you'd have to pay for that before the sale.
    Offer it to other owners for 1/3 of it's value. Because honestly, with three owners the property is going to be a cash sink.

  6. #6
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    Default Re: Inherited Property with Co-Owners ; Can I Sell My Share

    In SC, I can find the Fair Market Value (FMV) on the County Website GIS listing. It isn't always something everyone will agree on, but it does give you a starting point, and it's free.

  7. #7
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    Default Re: Inherited Property with Co-Owners ; Can I Sell My Share

    How you split it up must be an agreement between the three owners. If you all can't agree then it won't happen, that way.

    You other her alternative is to file s suit to partition the property. It ends up getting auctioned and the money is split. It's much better to come to s mutual agreement.

  8. #8

    Default Re: Inherited Property with Co-Owners ; Can I Sell My Share

    Quote Quoting puppybreath
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    depends on what you mean by lot. A city lot is generally the smallest size allowed for building on, can't subdivide so sale would be impossible to a third party You'd need to sell to one of the other owners. A larger lot (parcel) with access could be split then sold, but then you'd have to pay for that before the sale.
    Offer it to other owners for 1/3 of it's value. Because honestly, with three owners the property is going to be a cash sink.
    It is .35 acres in a residential neighborhood. Can this be subdivided ?

    Quote Quoting Catmad
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    In SC, I can find the Fair Market Value (FMV) on the County Website GIS listing. It isn't always something everyone will agree on, but it does give you a starting point, and it's free.
    I will look for something like this. I see the lot listed on zillow and redfin with some huge variances on market value.

    Quote Quoting jk
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    How you split it up must be an agreement between the three owners. If you all can't agree then it won't happen, that way.
    Interesting. I guess I really need to present the options with numbers for them to decide.

    Quote Quoting jk
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    You other her alternative is to file s suit to partition the property. It ends up getting auctioned and the money is split. It's much better to come to s mutual agreement.
    Good to know about that option. I like the mutual agreement as a preferred option.

  9. #9
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    Default Re: Inherited Property with Co-Owners ; Can I Sell My Share

    Quote Quoting TaxHelpNeeded
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    It is .35 acres in a residential neighborhood. Can this be subdivided ?



    I will look for something like this. I see the lot listed on zillow and redfin with some huge variances on market value.
    no, you could t split that. When I read your first post I read it as a LOT, like in a large parcel. Now I see you meant a lot as in a city lot. That should have been the first thing in thought of but apparently my mind was elsewhere.

    Anyway, that narrows it down to either one of the others buys you out, some outsider buys your share or you sue to partition the lot. Unless it's worth a LOT you could actuslly end up spending money out of pocket to go through a partition suit.

  10. #10
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    Default Re: Inherited Property with Co-Owners ; Can I Sell My Share

    Quote Quoting TaxHelpNeeded
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    It is .35 acres in a residential neighborhood. Can this be subdivided ?
    Depends on the dimensions.

    .35 of an acre is about 15,000 sf.

    A lot that's 150' or more across the front might be allowed to be subdivided into three lots of 50' across each and still have room for a small home on each lot.

    If it's narrower than 150' across the front then zoning would probably not allow it.

    You'll have to check your zoning ordinances to find out what the limits are.

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