Partitions: Buyout Option
The UPHPA also provides an option for someone like the sister in our example who wants to own the house outright. Under the UPHPA, the sister has the opportunity to buy the interests of the cotenants (you and your brother) who request partition by sale.
If the sister wants to pursue this option, she will have to pay the value of the entire parcel times the percentage of ownership of you and your brother. If for example, the entire property was worth $100,000, and you and your siblings had equal shares (33.33% each), then your sister would have to pay almost $67,000 to buy out your and your brother’s interests in the property ($100,000 x 66.67%).
The Estate Plan
135 San Lorenzo Ave Suite #750
Coral Gables, FL 33146