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Splitting property between siblings

  • 10-07-2019 10:55am
    #1
    Diceicle
    Registered Users, Registered Users 2 Posts: 1,799 ✭✭✭


    Not looking for legal advice as this is a theoretical situation, but how would/does the following scenario work.

    3 Siblings inherit an equal share of the parents property. For sake of argument the property is currently valued at €450k.
    One sibling has and does live in the property as their main residence.
    Unless there is a specific stipulation in the Will is this sibling obliged to buy-out the other 2?


Comments

  • #2
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 6,548 ✭✭✭Claw Hammer


    Diceicle wrote: »
    Not looking for legal advice as this is a theoretical situation, but how would/does the following scenario work.

    3 Siblings inherit an equal share of the parents property. For sake of argument the property is currently valued at €450k.
    One sibling has and does live in the property as their main residence.
    Unless there is a specific stipulation in the Will is this sibling obliged to buy-out the other 2?

    No sibling is obliged to buy out the other 2. If any of them want to have the property sold they can apply for a court order to force the sale of the property and distribute the proceeds betwen the 3 of them. each of the others cn bid on the property if they wish and, if successful, pay 2/3 of their final bid to the others 2 i equal shares i.e. 1/3 each.


  • #3
    Diceicle
    Registered Users, Registered Users 2 Posts: 1,799 ✭✭✭Diceicle


    Thanks. I was of the understanding that the resident sibling cannot claim rights to the property as its their residence but I was unsure as to how the other siblings could 'claim' their share.


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