If I have 2 half-siblings, what percentage of a house to we have if both parents have passed away?
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If I have 2 half-siblings, what percentage of a house to we have if both parents have passed away?
We have the same mom but different dad. Both my parents have passed away and left behind a house that is paid for. My 2 half-siblings are wanting me to sell the home but I want to buy them out. Both parents on the deed are my real parents. My parents have always to told both my siblings and i that they wanted me to have the house, however now they won’t sign the deed over to me. What percentage do I need to pay to them off? Do I have to stay with 1/3 for all of us, or is it 1/2 for me and then they share the other half, since our mom is the only parent we share, since both my real parents are on the deed?
Asked on January 25, 2018 under Estate Planning, Oregon
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
I am so sorry for your loss and for the situation as it stands. Ok let's start slowly. Your parents owned the house. Did they leave a Will? Who died first (I am assuming Dad and it passed to Mom)? And now I am assuming Mom had no Will so it passes to her children, the three of you. Under intestacy (no Will) it passes equally to all three of you. You each have equal rights to the house and you have the right to buy them out. A house is generally valued at the time of death. If you have paid for anything for the house - repairs, taxes, water bills, etc., - you may be entitled to a credit back. You can buy them out by wither taking a loan and paying them one third each of what they would inherit or if there are other assets that Mom left all of you (such as stock, cash, etc.) then you can give your interest in those as a credit it to them to reduce the amount you need to pay them for the house. Good luck.
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