Home that is jointly owned...help!

[castleview]

I am part of a trust for a small island. My grandfather and his brother bought a small island off the coast of Maine about 60 years ago. They put it in trust so that it has to stay in the family. Current owners are my mother, her sister, and some of my mom's cousins, and my late uncle's children. When my mother passes, her share will be "divided" between my brother, sister, and I. Eventually 100 people will own this darn island. We can't build on it, and no one can do anything without permission of all the owners. It's a pain. The property taxes are kind of high for an uninhabited island owned by a dozen people, so we have been helping my mother pay the taxes for the last few years. If I sign my "share" over, then my relations will be responsible for any financial obligations I had, and that doesn't seem fair. But it also isn't fair for me to have to pay for a piece of land I haven't seen since I was 6! So I can understand why you'd want to unload a joint piece of property!

DH has been there with his dad's family. Eight children (plus their spouses), 40 acres of farmland in a town that became a desirable suburb. When DH's dad got sick, DH and his sibs knew the land had to be sold to pay for his dad's medical. Half his aunts and uncles were against it (of course most of them had already built on their share of land and didn't want to lose the woods…or out on the money it was now worth). Fortunately, the grandmother was still alive and told the others to sell their share. It was messy and he doesn't speak to some of them anymore which is fine, but he's very thankful the trust didn't move onto the next generation.

 

[ConnieB]

OP here...thanks to everyone for all your responses. A little background...DH and I could use the money as we were both unemployed. Needless to say things have been rough. We rarely see BIL, maybe on holidays. He and DH rarely speak on the phone. We see FIL about once a month and he and DH talk once or twice a week. We would like to sell our share of the property and DH has made this very clear to BIL. BIL says he doesn't have the money to do this. I am well aware BIL is taking advantage of the situation. He has got it made. FIL does not have the money to buy us out, he doesn't seem to have much to say about the issue. He is closer to BIL than to DH. If anything, I think he is sentimental about the place. He had heart bypass surgery last Sept and had a significant loss of income. We cannot rent the place out due to restrictions in the area where the property is located. I am hoping the 3 of them can sit down and have a serious discussion about this before doing anything drastic.

I think it comes down to the fact that DH doesn't want to make waves with his family. I say make waves, but it is his family.

To make it clear, I think BIL is an idiot. He gets on my last nerve. Always has, always will. I know that sounds rude, but it's the truth. Ahhh...I feel better just having typed that.

Sorry if I rambled on but this whole situtation has me fired up. I feel a little better now that I have vented.

Hmmm...a suggestion that might help you out AND get back at BIL. You're unemployed...presumably that means you need to cut expenses. Soooo, there is this emply house sitting there where apparently the 3 owners can have free use of the house....so move in. If you're renting currently, well, that saves rent....if you own, rent your house out to cover the mortgage or sell it if possible. Now you have free rent. BIL certainly can't object since he's been doing this for years....you're just taking all your days that you haven't used and using them now....concurrently, lol.

 

[tlbwriter]

You're unemployed...presumably that means you need to cut expenses. Soooo, there is this emply house sitting there where apparently the 3 owners can have free use of the house....so move in. If you're renting currently, well, that saves rent....if you own, rent your house out to cover the mortgage or sell it if possible. Now you have free rent. BIL certainly can't object since he's been doing this for years....you're just taking all your days that you haven't used and using them now....concurrently, lol.

I like the way you think!

 

[snarlingcoyote]

I am part of a trust for a small island. My grandfather and his brother bought a small island off the coast of Maine about 60 years ago. They put it in trust so that it has to stay in the family. Current owners are my mother, her sister, and some of my mom's cousins, and my late uncle's children. When my mother passes, her share will be "divided" between my brother, sister, and I. Eventually 100 people will own this darn island. We can't build on it, and no one can do anything without permission of all the owners. It's a pain. The property taxes are kind of high for an uninhabited island owned by a dozen people, so we have been helping my mother pay the taxes for the last few years. If I sign my "share" over, then my relations will be responsible for any financial obligations I had, and that doesn't seem fair. But it also isn't fair for me to have to pay for a piece of land I haven't seen since I was 6! So I can understand why you'd want to unload a joint piece of property!

We have a family pond and a swamp that are in a similar nature. While I admit the pond is really lovely (fresh water, clay bottom so it's clear all the way down - very, very rare in this state) it's also a big pain and over the years parts of it have filled in and are full of cottonmouth. If one person owned it, they could maintain it, but with it now owned by several generations, it's just a headache.

 

[tlbwriter]

If the both of you were employed would selling the house still be an option? I know times are hard for you all as you have stated, but I'm not sure that you would want to give your BIL ammo to play with. He could successfully argue that you did not care that he was using the home and not playing his part till you needed money and now you want to sell what is 1/3 his.

I'm not sure why you think that's a strong argument, or that BIL has any ammo. In fact, it's basically making their argument for them. "Yes, I was willing to overlook your selfishness when I didn't need the money. But now I do, so I can no longer afford to subsidize your vacation home."

 

[dis-happy]

I know you could use the money. But if there is no way to get any money out of the house and you can't afford the Taxes, Insurance and maintenance, Then you need to do a Quick Deed. A Quick Deed will deed the property to the FIL and the BIL and your DH will be permanently cut out of any ownership or fees for said property. Then there won't be any worries about moneys. But if you do this you will no longer able to use it as a deduction off your taxes!!

But if they file a partition lawsuit the house gets sold and everyone gets 1/3rd of the profits. A much better deal for the OP who can use the money. It's their inheritance too and they should get something out of it.