What Happens When 3 Siblings Own a Property Together?
AuthorAmanda Dodge. Date:
It’s not uncommon for multiple siblings to own a property, usually because they inherited a childhood home or vacation house when their parents passed away. Joint ownership has several benefits, especially if each sibling wants to keep the home in the family’s possession. However, there are some additional financial and legal considerations for each of the owners to be aware of. This guide will cover everything you need to know when 3 siblings own property together. Use the following sections as discussion points as you take ownership of the inherited property. They can help you have open, honest conversations with your family members on what you plan to do with the home. Legal Implications of Joint Ownership Among Siblings The first thing you need to discuss is how your family members plan to take possession of the house. There are two ownership types to consider: joint tenancy and tenancy in … Continued
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