How can I become the full owner of an inherited property?
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How can I become the full owner of an inherited property?
I my mother’s Will, I was to inherit this house. My father passed before my mother. They both owned 1/2 each of this house. The 1/2 my mother owned was given to me. The other half remained in my father’s name without a Will. That half was split to 4 members of the family. I was one of that party of 4. Then 2 of my nephews signed over there claim of the property to me. Basically I own 15/16 of this property, I pay all property taxes of this home. I am the only 1 that lives in this house. Since I can contact the 1/16 owner, what should I do?
Asked on August 4, 2011 Oklahoma
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you are the owner of 15/16 of the home you live in and pay all of its expenses and upkeep whileliving in it, it makes sense that you would want to purchase the 1/16th interest of the other owner. Go contact the other owner and ask if he or she would like to sell the 1/16th interest in the property. If that person is willing, ask what the price would be.
If you are willing to pay that price, you should consult with a real estate attorney to have a written purchase agreement drafted, an escrow established, a preliminary report as to the property's title ordered to make sure that the seller has not obtained a loan on the 1/16th interest secured by the property and be prepared to close escrow where you would receive a grant deed in exchange for a sum of money.
You should also get an appraisal for the property in order to get a rough idea of what it is worth. A fractionalized interest in real property is not equal to the divided value of the interest. It is worth less according to many appraisers.
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