Note: BCP Real Estate is not a law firm and its employees/owners are not acting as your attorneys. The information contained on this website is provided for educational and informational purposes only and should not be construed as legal advice on any subject matter.
When we tell people they can sell their portion of an inherited property, the most common response is, “What does that actually mean?”
It’s a fair question. Most people don’t grow up learning about fractional ownership, and the idea of selling part of something you didn’t even know you owned can sound confusing at first.
Here’s a simple way to think about it.
When a property is passed down to multiple heirs without probate, each heir typically receives an undivided interest in the property. That’s the legal way of saying that everyone owns a piece of the whole property, but no single person owns a specific room, a specific acre, or a specific section. Your share is a percentage of the entire thing.
Because you have a share, you can sell that share. You’re not selling the house. You’re not selling the land. You’re selling your fractional ownership interest. The other co-owners still have their shares. The property itself doesn’t physically change in any way.
Once your share is sold, the buyer takes your place as a fractional owner. Your name comes off the deed and off the lawsuit. The buyer’s name goes on. You’re no longer associated with the property in any legal sense, and the responsibility for the taxes and any lawsuit moves with the share you sold.
This is the part that surprises a lot of our clients. They didn’t realize they could exit a property situation without selling the whole thing or coordinating with anyone else. But that’s exactly how it works.
If you’re looking to remove yourself from a lawsuit and get paid for your interest, no cost to you, call or text us at (469) 708-8003 for an offer today.
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