Disclaimer: This information is not legal advice. Consult a qualified attorney for guidance.
Detailed Answer
If you inherit real estate with siblings, each of you owns an undivided interest. Under West Virginia law, any co-owner can file a partition action under W.Va. Code §37-2-1. A court may divide the property physically or order a sale under §37-2-26. However, you can avoid court by negotiating a private agreement.
First, discuss with your siblings how to divide value or possession. Options include:
- Buyout: One party purchases others’ shares based on a fair market appraisal.
- Co-ownership agreement: Outline management, expenses, and sale triggers in writing.
- Time-sharing: Allocate usage periods or income distribution if the property rents.
Document any agreement in a written contract or deed. Record deeds or liens with the county clerk to protect rights. Consider hiring a real estate appraiser and a mediator or attorney to ensure fairness. If negotiations fail, any co-owner can still seek partition in circuit court.
Helpful Hints
- Get a professional appraisal to set a fair buyout price.
- Use a written agreement to avoid misunderstandings.
- Record all deeds and contracts at the county clerk’s office.
- Discuss tax and mortgage implications before finalizing.
- Consider mediation to resolve disputes early and cheaply.
Note: This article is educational only. For advice tailored to your situation, consult a West Virginia attorney.