I am 1 of the 5 people that have inherited a house, how do I buy the others out?
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I am 1 of the 5 people that have inherited a house, how do I buy the others out?
My mother, brother, 2 cousins and I have inherited my grandma’s home (she died12 years ago but had left a life estate to her boyfriend). I am buying them out. What papers do I need to fill out so Ithat am the only person on the deed? I am also making payments to pay off the rest of the family.
Asked on April 22, 2012 under Estate Planning, Wisconsin
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Well I hope that you are making payments based upon a WRITTEN agreement to purchase the property from them all because verbal agreements to purchase are not binding under the law. They violate what is known as the Statute of Frauds. You would deduct your share of the value of the house from their shares after you decide on a price for purchase. So say if the house is valued at $200 thousand, divided by 5 equals 40 thousand and their shares to purchase would be 30 thousand each. Please get legal help on transferring too. Good luck.
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