Siblings turn out to be the co-owners of a real estate property by inheriting the property which is left by the deceased parents or any other family member for whom they are heirs. If this is the case with you too and if you or your co-owner sibling is not interested to go with the ownership rights, then either you or your sibling can buy out the other share to have full ownership of the property.
Each family is different, and in case you wish to take legal help in this regard for negotiating the sale you can do so. You can also plan for a complete buyout with the help of professional and legal assistance in case you feel to do so. Things may turn really emotional for you but neither you nor your sibling can become so emotional and need to take decision boldly. It is advisable for you to select a fair as well as the professional process which save the relationship with the sibling and also maintain an atmosphere of peace among both and the families of both.
If you want to buy out a sibling on the shared property then what will be the steps that you need to follow?
At first, the property needs to be transferred in the names of the heirs which will be you and your siblings so that you all can become the new owners of the property.
If your sibling agrees to your buyout proposal, then you need to get the property appraised by the licensed property appraiser. This will give an idea about the exact market value of the property as on date and will help to negotiate in a better way. You need to pay half the negotiated price of the property to your sibling or in case of more than one sibling in a proportionate amount.
In case there is some issue with the property deed or disagreement between the siblings then you may need lawyer assistance. If in case either you or your sibling failed to reach into a final agreement, probably you need to go for court visit. You are open to file a lawsuit for the property partition, and the judge at court to pass the order for sale of the property so that you can move out of the co-ownership or have full ownership of the property. This process is definitely a complicated one but judge intervention in the case will help to come to a solution beneficial for all siblings. What will be the mode of payment will be decided by the siblings mutually. It is better to make lump sum payment and if agreed installment payment can also be done on mutual consent.