Hey Guys: Please give your opinion/suggestions
Our father passed away a few years ago. We are - Mom, and three siblings.
We own a family home that was built on 2 plots combined. The plots were purchased and registered on our youngest sibling name with our mother as guardian, as she was minor then. We are all adults now, and we would like to divide the house among us three siblings, by putting a "Family Settlement Deed" . However, we are not sure whats legally right way to do this?
Question 1: Should we divide the house, 1 floor per person ? But then the land is still on one of the siblings name - so how does that effect the other two siblings?
question 2: if I relinquish all rights on the house. Can we just divide the 2 plots, on which the house was built, among the other two siblings. But, what would that mean to the house? Do we need to demolish the house, now?
Or can we put in conditions - such that, when our mother passes away - The two siblings can only then, demolish the house - and split the land into two?
i am looking for legal advice - so the Family Settlement Deed can be made in, correctly in the eyes on the law.
Please advice!!