For those who inherit co-owned homes in California, the decision to keep or sell the property is increasingly influenced by the financial benefits of relocating to less expensive areas. In the past few years, Californians have been relocating to states where their money stretches further, thereby improving the quality of life. This article delves into why and where Californian home owners are choosing to sell their real property and relocate to a new state.
Why Are So Many Making the Decision to Sell and Move?
The lure of a more affordable homes and lower cost of living, combined with the significant proceeds from the sale of Californian real estate, makes the decision financially enticing. Moving to more cost-friendly states has allowed individuals and families to maximize their inheritance in ways that would be impossible within California’s current economic landscape.
What Are Popular Relocation Destinations for Former Californians?
Data from the U.S. Census Bureau sheds light on the migration patterns of Californians, with Texas emerging as the most popular destination. Approximately 60,000 people moved from California to Texas over the one year of the study. Following Texas, Nevada ranks as the second most popular choice, with other states like Arizona, Florida, Idaho, Washington, Tennessee, Georgia, Colorado, and Oregon also seeing significant inflows of former Californians.
This migration trend is driven by various factors, including economic opportunities like lower housing costs and a desire for a change in lifestyle. States like Texas and Nevada offer no state income tax, which is a significant draw for those looking to maximize their financial well-being. Moving to states with robust job markets or more conducive environments for raising a family can offer fresh opportunities and in search of a better balance between work, life, and personal fulfillment.
Consider the scenario where two siblings inherit a family home in California. One sibling, Alex, has built a life elsewhere and sees the inherited property as they key to funding other dreams or needs, such as starting a business or buying a home in a more affordable state. The other sibling, Jordan, has lived in the family home for years, deeply attached to it and unwilling to consider moving out or selling. These scenarios are very common and there is a legal solution called a partition action for those who want to resolve disputes between co-owners of inherited property.
Can a Partition Action Resolve Your Co-Ownership Dispute?
If co-owners cannot agree on the use or disposition of a property, any co-owner can seek a legal remedy through the courts. In California, “each co-tenant has an ‘absolute’ right to partition the common property.”[1]Right of partition—In general, 4 Cal. Real Est. (4th ed.) §11:14. A partition action will definitively end co-ownership disputes between co-owners who cannot decide what to do with a shared property.
If your sibling is a co-owner of the inherited property, but refuses to move, the most efficient way to end the co-ownership is to file a partition action. The case does not settle, the court will appoint a partition eferee, a neutral party who will generally sell the property and divide the proceeds.
Talkov Law’s Partition Attorneys Can Help
When selling inherited property in California, many find themselves entangled in the complexities of co-ownership, especially when there’s a lack of agreement on whether to sell the property. This scenario, common among inheritors, can lead to a frustrating standstill, impacting both emotional well-being and financial plans. For those facing the dilemma of shared inheritance and looking for a resolution without upfront fees for qualified cases, the partition attorneys at Talkov Law offers unparalleled expertise in partition actions. End your co-ownership dispute with confidence by calling (844) 4-TALKOV (825568) or reach out online today.
References
| ↑1 | Right of partition—In general, 4 Cal. Real Est. (4th ed.) §11:14. |
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