Purchasing of Inherited Property - Please Help!

lee
edited December 1969 in General
Hello

I wonder if anybody would be able to advise me on the purchasing of inherited property. I'm trying to purchase a property inherited by 5 family members. The issue is that 4 family members are willing to sell their share of the said property and 1 family member is refusing to sell her share. Would anyone know what the law is in this regard? I've tried to get legal opinion on this issue but not getting anywhere. Some legal experts say that you can purchase the shares of the willing sellers and the unwilling seller would get her share of the land, which is approx. 10 sq. metres. - I would be willing to purchase the 4 shares and give the unwilling seller her 10 sq. metres of land. On a second legal opinion I was told that I would NOT be able to purchase the property unless all 5 family members are willing to sell. This is very confusing to me, I don't understand how 1 family member can prevent 4 family members from selling their shares?

I would appreciate any advice or information on this issue. I’m sure this must be a common problem on the Island. I would also appreciate it if someone could give me the name and contact details of a reputable attorney who deals with this sort of issue.

Much appreciated.

Lee

Comments

  • Hi Lee,

    it's a common problem - not only on islands ;)

    the heirs have to solve their problems first . you cannot buy a property without the ok of ALL inheritants.

    Regads
    Anton
  • Thank you Anton. I've been to two lawyers, one tells me I CAN purchase the four shares and the other tells me I can't purchase without the 5 heirs agreeing to sell. Just very confusing.

    Regards
    Lee
  • Hi,

    of course you can buy the 4 shares . . .
    but after that you are not owner of the property - you would be owner of 4/5 shares of a property ;)

    Regards
    Anton
  • Hi Anton

    I'll be happy with the four shares. It will suit the purpose I want it for. I just hope I'll be able to purchase them without many problems. Thanks for your advice.

    Regards

    Lee
  • Lee,

    I think you better take a closer look at Anton's message.

    Don't make the mistake of many, wanting a property so badly they see only what they want to see.

    What good are 4/5 shares going to do you?
  • Thanks Ellen. I'm going to contact the lawyer you suggested and get her opinion on the matter and take it from there.
  • There is no point in buying 4/5 shares - it gives you no responsibility and you can do nothing with the property without the remaining owners permission...
  • Hello

    Just to let you know that after long drawn out negotiations I have managed to purchase all 5 shares of the property I was asking advice on. Yeeeaaaaahhhh!!!!!!!!! Thank you for all your advice.
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