I am 1 of the 5 people that have inherited a house, how do I buy the others out?

Get Legal Help Today

secured lock Secured with SHA-256 Encryption

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 10 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption