Can I buy 50% interest in property w/o permission of other party?

Question

I’m interested in buying a parcel owned by 2 people (family members a lady and her aunt), the aunt just passed away so probate proceedings will slow this down greatly.

The lady who is still alive would sell her half at any time. Can she sell me her 50% while probate is going on for the other 50% interest?

This would ensure the heirs wouldn’t sell to someone else after probate. It is a neighboring parcel to a parcel I own, more then just a dollars and cents real estate play. Obviously price would have to be right to take on partners o don’t know.

Tom Gimer · Answer

Yes, you can buy 50% of a property from any joint owner who owns 50% or more -- other than a husband or wife who hold title as tenants by the entirety.

I would think twice before turning this into a total mess.

Anthony Wick · Answer

@Tony F.

I don’t know the answer, but why in the world would you want to get into the middle of a possible probate fight?

Mark Pedroza · Answer

One thing you should be concerned later on should you purchase the parcel is if one of the heir's files a competing Notice of Petition to Administer Estate.

The probate petition will have a different case number competing against the primary estate.

(primary decedents case #123456 ~ Amended case #012345 ~ only as an example)

The PR (personal representative) will have to file a Inventory and Appraisal with all assets listed on the document and any/everyone will be notified. Marshaling assets if you will .

You mentioned that there are currently family issues at play (money was loaned and never paid back ~ family fighting over heirlooms, personal property was promised and now in limbo, etc., etc.) and this is the only thing I can think of that a interested heir could proceed with.

Should you proceed with this I can refer you to an attorney to assist you.

Use caution..

Tom Gimer · Answer

@Tony F. A partition action is a lawsuit amongst multiple owners to divide the property... can be complicated and, when contentious, expensive.

I was thinking Option then negotiate with the estate.

Matthew Paul · Answer

A friend of mine has been going thru this exact same thing , except it started as 3 siblings owning the property . The fighting has been going on now for 18 years , And over time its now a original sibling , a grandson and a ex wife dealing with it . Legal fees have been high . All over 1 acre . Carefull how you tread ,

Jay Hinrichs · Answer

we do some of this in our distressed work outs.. at the end we prevail but unless your thick skinned and are happy funding litigation then you should be careful.... although to be fair its me suing the other party to either sell to me or sell on the open market.

But I get it if its a parcel that you dont want someone else to build on and provides you breathing room.

Tony F. · Answer

@Lauren B.

I think there are some family history issues at play, and that’s why we’re not getting good communication from everyone involved. I’m gonna try communicating with all parties before resorting to buying 50%... we’ll see. Thanks for the help.

Lauren B. · Answer

@Tony F.  This might go over better elsewhere - in CA I’d imagine it could get messy. In NC, when two or more parties own property You can file what’s called a petition to partition. I understand it’s about $15,000 in North Carolina. However if one party wants out cheap, you could potentially have a deal.

In particular there is one investor here who will buy a non-owner occupied interest, usually an out of town inheritor where there are others who have inherited, mortgage it to full value and then File a partition suit. It goes to auction to courthouse steps and no one else bids on it because its sold subject-to the mortgage. He gets it cheap. Other party gets screwed.

It could backfire for you in a few ways. First a title search would be necessary. I assume don’t know what debts are going to need to be paid out of the estate or how RE is handled in probate when it must be sold to settle debts. a potential Medicare Lien would affect the deceased’s share and could make t messier.

If you came up with the price you want to pay for the property, halved it and deducted the holding costs plus potential partition lawsuit costs , and then owner financed 100% it would seem a reasonable bet to buy the 1/2 interest.

Please let us know how it works out.

Tony F. · Answer

@Tom Gimer

What is a protracted partition suit?

What other examples would you suggest?

Thanks for the help

Tom Gimer · Answer

@Tony F. I get it... but the unintended consequences could include getting caught up in a protracted partition suit.

There are other ways to secure your interests than buying 50% outright.

Can I buy 50% interest in property w/o permission of other party?

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