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Mr. Wilson
Mr. Wilson, Teacher
Category: General
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Experience:  M.A., M.S. Education / Educational Administration
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three adults have an 11% share each in their dads property

Resolved Question:

three adults have an 11% share each in their dads property left to them by their mum through divorce 2 of the adults live at the property the dad does not live at the property .the dad has now said he is selling the house wether they like it or not by the time he pays wats left on his second mortgage their share could be zero can he just sell up like this without their say
Submitted: 3 years ago.
Category: General
Expert:  Mr. Wilson replied 3 years ago.
Hello, my name is Greg.

I wish I had better news on this for you but as the 67% owner of the home (I am assuming he holds the remaining share of the property) he is able to sell the property. However, once all mortgages, etc are settled on the property each of the sons will be entitled to an 11% share of the profits (if any). Unfortunately, if there are limited funds remaining after the sale then they may not receive much as part of their share of the proceeds.

Hopefully they can enter some kind of mediation in regards XXXXX XXXXX issue, but as the majority owner, he is able to start selling proceeds. The sons, on the other hand as only minority owners, would have a much more difficult time to sell without their fathers agreement as he is the majority holder.

They can offer, and possibly work out, a way to buy the majority stake from their father if they want to keep the home in the family and have the money to accomplish this - this would then make them sole owners.

Hope this helps. Be sure to rate my response so I receive credit for my help today.
Mr. Wilson, Teacher
Category: General
Satisfied Customers: 5240
Experience: M.A., M.S. Education / Educational Administration
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