UPDATED: Jun 2, 2009
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How do I write a purchase agreement to buy out my siblings on my parents house/
Asked on June 2, 2009 under Real Estate Law, Michigan
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Real estate agreements are among the most heavy litigated contracts and cause more issues that you can ever imagine as a result of the statute of frauds and the rules of equity. In my career, i have seen more fights involving family members that I ever thought was possible. You do not want to write this contract yourself. You want to make sure that you have a lawyer involved, including non-family witnesses to the agreement. This way, your sibling will be disinclided to fight. I do not want you to make a mistake that i see all the time, so please see a lawyer and explain how you want the payment terms to read and so forth.
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