Splitting property between siblings

Diceicle · 10-07-2019 10:55AM #1

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?

Claw Hammer · 10-07-2019 12:20PM

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.

Diceicle · 10-07-2019 01:22PM

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.

Splitting property between siblings

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