There is 2 acres total. My sister was given 2/5 of this in 1983. She promised to look after them for this, which she hasn't done. There are 4 more heirs which KY law says must get as much as she already has before she could have anything else. My mom is still alive but at 102 she is not dying as fast as my sister wanted. According to my sister's deed the property doesn't become hers til mom and dad have both passed. Dad passed in 1993. None of the other heirs want it sold especially when the money it brings is paying her lawyer. We feel she should not have been allowed to bring this suite in the 1st place. Any help or advice greatly appreciated.
if this actually is a “partition sale”, my understanding is they are pretty complex as there will be a litigation guarantee needed to be bought from a title company to do the partition. I don’t think the property can be used as collateral, so whomever is bringing forth the suit has to front the $. The tax assessor value of the property will be important as it’s gonna determine just how big of a title guarantee needs to be bought. It’s not a DIY, its a real estate atty & very good title company type of work. Plus surveyor & appraisal.
Im gonna take a wild guess that she wants to force property to get her section now & before 102 dies cause once 102 dies it has to be divvied up as per the Life Estate (again another guess... sounds like it’s a Life Estate). If she has 2/5 remainderman interest right now, she can force it. The other remainderman (you & your 3 other siblings) can join forces to buy her 2/5 interest out totally if you don’t want her to do this and keep it whole. You need your own real estate atty. If you do not have the $, I’d flat just come to terms with her.
who has been paying property costs, like taxes, insurance, etc?