An inherited property often leads to dispute over keeping or selling. How valuation, use and division within the community of heirs are ordered.
Mag. Bernhard Brandauer
Attorney · BRANDAUER Rechtsanwälte, Salzburg
Inheritance matters are handled by Mag. Bernhard Brandauer together with a coordinated team. We examine the will, compulsory portion, gifts and deadlines and tell you clearly where you stand.
A property is often the most valuable part of an estate and at the same time the most frequent source of dispute. While one side wants to keep the house or the flat, the other pushes for a sale. If sole use by one heir is added, the conflict quickly intensifies.
This article shows how an estate property is valued, which routes exist between keeping and selling and what role the estate inventory plays. It does not replace advice in an individual case but sets out the typical steps.
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The answer shows which route comes into consideration for the division.
If the community of heirs cannot agree on keeping or selling, a common valuation helps first. On this basis a buy-out of one heir or a sale can be compared objectively. Only where no agreement is reached does a court-ordered division come into consideration.
An early clarification of the options avoids the property remaining unused in joint ownership for years.
If one heir uses the property alone while the other co-heirs are excluded, a claim to a reasonable compensation for use may exist. The specific use and the circumstances in the community of heirs are decisive.
The use should be documented and addressed early in order to avoid later disputes over the amount.
If the value of the property is unclear, an expert valuation is the first step. It fits into the estate inventory and creates the basis for a buy-out or a sale. A rough estimate is not enough for a fair division.
With a comprehensible value, buy-out amounts and sale expectations can be compared objectively.
At the beginning stands the question of value. An inherited property is recorded in the probate proceedings and enters the estate inventory. For a fair division a rough estimate is rarely enough, because buy-out and sale are oriented toward it.
An expert valuation creates an objective basis. It takes into account location, condition and comparable sales. Where several value figures lie far apart, a neutral assessment is the best way to bring the dispute onto a factual level.
If one heir wishes to take over the property, he can buy out the others. The condition is a recognised value and the affordability of the buy-out. If several do not want to keep the property, a sale and the division of the proceeds is often the clearer route.
If no agreement is reached, a division action remains as the last step. It leads to the court-ordered dissolution of the community and can entail a judicial auction. Because this route costs time and proceeds, an amicable solution is usually preferable.
Frequently one heir lives in or lets the property while the community of heirs has not yet been divided. If the other co-heirs are thereby excluded from the use, a claim to a reasonable compensation for use may exist.
Ongoing costs such as operating costs or necessary maintenance must also be taken into account. A clear agreement on use and the bearing of costs prevents dispute. Where it is missing, use and expenses should be documented carefully.
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