Detailed Answer
When you inherit real property with siblings in Maryland, you hold it as tenants in common. In this form of ownership, each co-owner has an undivided interest in the entire property. If siblings disagree on selling, using, or dividing the property, one co-owner may file a partition action to force a sale or physical division. See Md. Code, Real Property § 3-205.
You can avoid a partition action by negotiating with your siblings. Common strategies include:
- Buyout agreement: One or more siblings purchase the interests of the others at an agreed price.
- Voluntary sale: You jointly list the property with a real estate agent or sell off-market, then split the proceeds.
- Co-ownership covenant: You draft a written agreement defining management duties, expense sharing, and transfer restrictions.
- Mediation: You hire a neutral mediator to facilitate discussions on valuation, timing, and distribution.
If negotiation fails, any co-owner may still file a partition action. In Maryland, the court can order a sale and divide net proceeds among co-owners. See Md. Code, Real Property § 3-206.
Helpful Hints
- Obtain a professional appraisal to establish a fair market value.
- Clarify each sibling’s goals, timelines, and financial abilities.
- Document all agreements in writing and have every co-owner sign.
- Review potential tax liabilities and closing costs before finalizing terms.
- Consider consulting a licensed Maryland real estate attorney for tailored guidance.
Disclaimer: This article is for educational purposes and does not constitute legal advice.