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Updated over 6 years ago on . Most recent reply
Complicated inheritance issue
I have an opportunity to purchase a vacant land property that was owned by 3 brothers as joint tenants (no right of survivorship) I'll call them A, B, and C. A and B died and thier 1/3 interest in the property is left to their wives who we will call X and Y. C is still alive. I spoke with X on the phone and she doesn't know how they can sell the property. I'm not sure how I can buy it from them either. There hasn't been any sort of probate proceedings. What would be the easiest way to purchase this property from them? What needs to be done? The property is in Pennsylvania.
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- CPA, CFP®, PFS
- Florida
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@Joe P. ,
You need to consult with an attorney. But if they are not going to sell, your consultation will be a loss.
Generally what happens is: the Joint tenant that you are referring probably is a Tenancy in Common interest as there is no Survivorship option.
When A and B died, both of their Tenancy in Common interests should have probated to X and Y via their Will or State law (Unless restricted by contract or agreement between A,B, and C). But you say this has not been done. Again Confirm this with the wife.
The TIC interest now with X, Y, C. All of them still hold the interest as TIC. Each of them has the right to sell or partition their portion of interest without the consent of the other two.
IF all of them are in the same boat and wants to sell, this should not be that hard.
If they are motivated sellers, consult with an attorney.
Let's see if attorney colleagues have to say something different.
- Ashish Acharya
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- 941-914-7779
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