Yes. A forced sale of the house would be possible upon the filing of a lawsuit for partition. I would recommend this only as a last resort--lawsuits are very expensive. Nevertheless, if you are unable to work with your siblings/co-owners, see a real estate attorney--partition lawsuits are complicated even for attorneys.
Siblings can force the sale of inherited property in Florida. All siblings must agree or the property will have to be sold and split up, as long as each of them are on the property's name and/or will.
It depends on how the estate was distributed. If the property was left to a specific person, no, they cannot force the sale. If it is part of the estate in general, they can force the sale or require the person who wants it to pay them for their share.
That's the decision of the executor of the estate.
i personally dont think you would have to pay sales tax on a house that you inherited unless you are paying for the utilities lighting and all the heating and cooling soo yes and no.
Generally, a judgment against one of nine siblings who have inherited property will affect only that person's 1/9 interest. It will not prevent the sale of the property. However, the debtor sibling's 1/9 share of the proceeds will be held back at the closing and used to pay off the lein.
It is possible to force the sale. The estate has to settle all debts before transfer of any property. One sibling may buy out the other two if they wish, at fair market value.
No, the property was left to the son. What he does with it is his business.
The answer depends on the terms of the ownership.
The proceeds from the sale of an inherited house can be subject to capital gains tax, but the tax is typically calculated based on the difference between the sale price and the property's fair market value at the time of the original owner's death, known as the "step-up in basis." This means that if the house appreciates in value after the original owner's death, only the gain above the stepped-up basis is taxable. Additionally, depending on the amount of the gain, there may be exemptions or deductions available. It's advisable to consult a tax professional for specific guidance based on individual circumstances.
The policy is 'in force' for the policy period as long as you still own the house.
In South Dakota, if one sibling has liens that exceed their portion of the proceeds from the sale of inherited property, those liens can be addressed during the settlement of the estate. The proceeds from the sale can be used to pay off the liens before distribution among the siblings. If the liens amount to more than the sibling’s share, they may not receive any proceeds, but the remaining siblings will still receive their respective shares. It is advisable to consult with a probate attorney to navigate the specifics of such situations.
Yes this could be possible.