If I bought out 2 of my siblings shares in a house that we inherited, how much of the homeowner’s premium shouldI pay?
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If I bought out 2 of my siblings shares in a house that we inherited, how much of the homeowner’s premium shouldI pay?
My mother left myself and 7 other siblings her house. when she died. Do I pay 1 share of the house insurance or 3? Also, when we sell the house, do I get 1/9 or 3/9 the of the sale? One of the siblings that I bought from has died, if that makes any difference.
Asked on January 5, 2011 under Real Estate Law, Louisiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am so sorry for your loss. So there were 8 of you that inherited the house and you personally bought out 2 of your other siblings, correct? Hopefully this was done in writing. So now you have the right to 3/8ths of the house upon the sale and you have the obligation for 3/8ths of the expenses as well. As for the sibling that has passed away, if your agreement to purchase his or her share was not in writing then it violates what is known as the Statute of Frauds, which is a law that states that all agreements to purchase real property MUST be in writing or they are not valid. If you do not have any writing evidencing the sale to you then his or her share will pas through their estate and you will have to make a claim, which you may not win. Seek legal help. Good luck.
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