What is the name of your state (only U.S. law)? Pennsylvania
My siblings and I own a seasonal cottage in PA with 1/4 share as Tenants in Common. One of my siblings has lost interest in participating and no longer wishes to visit. He wants us to pay him 1/4 of the property value. Are we under any obligation, legally to pay him even when we don't have the cash to do so. We also don't want to have to take a loan out to pay him. Our thoughts are, that if wants out, he should just leave. This property was deeded to us years ago with the intention of passing on to the next generation of children. My brother has no children.
We look forward to your advice.
Thanks
B.
My siblings and I own a seasonal cottage in PA with 1/4 share as Tenants in Common. One of my siblings has lost interest in participating and no longer wishes to visit. He wants us to pay him 1/4 of the property value. Are we under any obligation, legally to pay him even when we don't have the cash to do so. We also don't want to have to take a loan out to pay him. Our thoughts are, that if wants out, he should just leave. This property was deeded to us years ago with the intention of passing on to the next generation of children. My brother has no children.
We look forward to your advice.
Thanks
B.