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How can we sell a home with 5 cousins owing as tenants in common

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lsnodgrass Joined: 13 Apr 2009 Posts: 1 1.00 Dollars($)	Posted: Mon Apr 13, 2009 12:54 pm    Post subject: How can we sell a home with 5 cousins owing as tenants in co Like 0 Dislike 0 My mother and father bought a duplex house zoned as a single family home with my aunt and uncle back in the 1950's. The deed was made up as all four of them tenants in common. This is in the state of NJ. All of the original owners have now died and 5 children own a percentage of the home with one having a life estate dictated by her mother's will. The life estate was not mentioned in either my mother's or father's will. Her father died without a will many years ago. How can I get my 25% share of this house without having to force a sale? Also, no one can afford to buy the other people out, and no one really wants the home. Other than my cousin, all of us would like to get rid of the home and take our inheritances. How much does rezoning cost? Also, my cousin has basically lived there all of her life. Does that matter?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Apr 13, 2009 1:38 pm    Post subject: Like 0 Dislike 0 i think it will be beneficial to all of you to bring an attorney into the mix to try to sort all this out. we can give you tons of opinions, but unless we are well-versed in new jersey law, most of it will go up in smoke anyway. scout around for a good real estate lawyer and pay whatever you need to pay - you'll benefit in the long run. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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