I am helping an elderly gentleman friend who, unbeknownst to him, inherited a modest house along with 2 other people (he doesn't know well) located in Florida. The gentleman resides in NJ.
He recently received a tax bill stating 2008 taxes were in arrears and were owed. He didn't realize he had inherited the house and that he was now on the house's title. He had signed paperwork and thought he was signing to relinquish ownership~he didn't realize what he had signed 2 years ago. Lucky guy!
He wishes to sell his 1/2 of the house (he was willed 50% ownership, the other 2 people 25% each) and has asked me to help him to do so.
I plan to call the attorney in Florida who appears to be handling this matter; however, I am unsure how to handle in the event the other 2 people don't wish to sell the property.
His intent is to free himself of the obligation of the house (maintenance & tax liabilities).
Question:
If the other two owners wish to keep the property, what legal means do we need to pursue to obtain his portion of the proceeds if they don't have the funds to buy him out?
Would my friend still be obligated legally to pay taxes on a property he doesn't wish to own and maintain in the event the other owners don't wish to sell? It seems unfair for him to lose his monetary share but he doesn't have the money to pay taxes in Florida on a house he's never seen and has no intention of utilizing as well as no oversight on.
Is he also financially and liability (insurance) wise obligated for this property?
Please advise.
Thanks
He recently received a tax bill stating 2008 taxes were in arrears and were owed. He didn't realize he had inherited the house and that he was now on the house's title. He had signed paperwork and thought he was signing to relinquish ownership~he didn't realize what he had signed 2 years ago. Lucky guy!
He wishes to sell his 1/2 of the house (he was willed 50% ownership, the other 2 people 25% each) and has asked me to help him to do so.
I plan to call the attorney in Florida who appears to be handling this matter; however, I am unsure how to handle in the event the other 2 people don't wish to sell the property.
His intent is to free himself of the obligation of the house (maintenance & tax liabilities).
Question:
If the other two owners wish to keep the property, what legal means do we need to pursue to obtain his portion of the proceeds if they don't have the funds to buy him out?
Would my friend still be obligated legally to pay taxes on a property he doesn't wish to own and maintain in the event the other owners don't wish to sell? It seems unfair for him to lose his monetary share but he doesn't have the money to pay taxes in Florida on a house he's never seen and has no intention of utilizing as well as no oversight on.
Is he also financially and liability (insurance) wise obligated for this property?
Please advise.
Thanks
