NSW Property Law - Right to Contest a Sale of Property?

[Concerned sibling]

Hello,

My parent wants to sell some business property that would have been the inheritance of several siblings in equal share. The sale is to be done with half of the siblings that do business on that same property.

My parent wants to equally divide the cash of the sale over all siblings as a gift. This is all nice and I am very appreciative of this but there is a concern I have.

The property is being sold for less then the appraised price and the property lies in an area that is up and coming with land prices going up by at least 15% to 30% a year. In 5 years this same property is worth twice as much and in 10 years even much much more (4x to 8x as much).

That means that all siblings get an equal part after the sale done now but half of these siblings profit a second time let's say ten years later without having to share with the other half of the siblings.

This way I feel cheated out of my inheritance.

Do I have a right under property law in any way to contest this sale by my parent to my other siblings and stop the sale?

 

[Tripe]

It's not your property, it’s your parents, if they want to give you cash and other siblings a stake in a property, then its their right.

They are not deceased yet, so I'm not sure why you call it an inheritance?

Your parents obviously have a reason for this decision, take the cash and buy your own property in the same area and enjoy the capital gains.

 

[Tim W]

Do I have a right by law in any way to contest this sale by my parent to my other siblings and stop the sale?

Not while they are both alive. It's their land to do with as they please.

I suspect however, that your parents are being poorly advised.
Why are they doing it?

 

[Concerned sibling]

Not while they are both alive. It's their land to do with as they please.

I suspect however, that your parents are being poorly advised.
Why are they doing it?

Hi Tim,

Thank you for your response.

Only one parent is alive and is nearly 80 with health issues. I don't want to stress my parent regarding this matter as it may cause worstening of health of parent.

The three siblings that want to buy the property don't see any reason to inform us of the exact deal that is on the table. This makes me worried that it is not being played fairly.

Regarding the advice to my parent. The solicitor is with the same law firm as the solicitor of the buying siblings.
Also my parent financial caretakers and advisors are two of the buying siblings.

My parent says it is his/her idea but in which way can such an idea have been cleverly suggested that the parent really believes its their idea?

If the parent sells anyway I will have to accept it, but if I feel that some kind of manipulation is in play and the deal is not done yet. Should I sit silently and watch it happen or is there a legal and lawfull way that the other siblings also have a say in this decision?

Not while they are both alive. It's their land to do with as they please.

I suspect however, that your parents are being poorly advised.
Why are they doing it?