Sibling Rivalry on a piece of Property

[Kiawahblues]

What is the name of your state? Maryland

My parents gifted their four children a condo on Kiawah Island, SC. The condo is free and clear of any debt. We (the four siblings) hired a property management service to rent out the property in order to assist us in minimizing the overall expenses of the property. We've had this property for approximately six years. A general partnership agreement was created in PA (where we all used to live but everyine has moved out of the state) which basically names the partners within the general partnership and that all management decisions would be made by all partners.

Over the years, the property has NOT become self-sufficient and we've had to "pony-up" several thousand dollars at the beginning of every year. This year (2006), my brother and I informed my sisters that we want out (name off of the deed and our individual 25% share) and that we've sought legal advice and all three lawyers said to treat this as a real estate transaction and have the two partners wishing to remain in the partnership buy out the other two partners wishing to divest from the property. Well, we just informed our two siblings tonight and they freaked out (side note: my mother died and our father since re-married and disowned his biological children - so this property is very sentimental to my two sisters who wish to keep the property).

My brother and I presented our siblings with the option to buy us out and they said no way and wanted us to "work with them" for a better solution. I am not looking to get a monthly stipend, all we want to do is to separatefrom this money pit condo.

I guess my question is: If my sisters decide to stall the progress of achieving a resolution (in our case its selling the property), what can we do to prevent this from happening? Or, what can we do if they actually stall this progress of this process??

 

[pojo2]

If my sisters decide to stall the progress of achieving a resolution (in our case its selling the property), what can we do to prevent this from happening? Or, what can we do if they actually stall this progress of this process??

Give the sisters a choice either buy you out or have one of those Lawyers start legal procedures to sell your shares.

If you do not give them a choice and follow thru then the matter will linger on.

 

[Kiawahblues]

Selling the Shares

Since the property is owned by 4 children (25% x 4), how would 50% of it be sold (if the two other siblings did not want to sell). Would we basically sue them to sell the property? How would only 50% of the property be sold/liquidated?

 

[BelizeBreeze]

Since the property is owned by 4 children (25% x 4), how would 50% of it be sold (if the two other siblings did not want to sell).

That's what the law calls "Tough cookies".

Would we basically sue them to sell the property?

yep, it's called a partition action.

How would only 50% of the property be sold/liquidated?

It wouldn't be. ALL of the land would be sold. However, nothing in the law stops one or more of the other owners making an offer on the remaining shares.