Cottages often get passed down to the “kids”. More often than not, these “kids” are in fact adults, and usually no spring chickens by time a long simmering feud blows up into open warfare. There are long held grudges, personality conflicts, real or perceived injustices, and always a misplaced sense of entitlement.
The Partition Act is the legislation that can solve the problem. This is a long standing statute that allows for a co-owner of property (land, buildings) to force a judicial sale of jointly owned property where the other owner neither wants to sell, nor buy out the other co-owner’s interest.
As legal proceedings go, they are usually fairly straight forward. Part of the reason for that is, absent rare circumstances, the right for an order of sale is absolute. Thus the reluctant, or delaying co-owner, is quickly brought to the reality that he/she is going to have to deal with the situation by either buying out the other co-owner or watch the cottage get sold on the open market.
The sale part is easy. It gets tricky when it comes time to divvying up the money. Who paid what expenses? Who maintained the property? What is that worth? What if one person used it more than the other?
All these issues are usually never addressed while everyone is co-existing. But when open warfare erupts, these are the issues that end up draining the resources of all, and that lovely cottage on Lake Paradise that Mom and Dad created such beautiful memories with children and grandchildren alike ends up being the fuel that keeps the fires of your own personal hell going for an eternity.
….hope I am not ruining anyone’s vacation…..
More to follow.