Posted on: 13th Nov, 2013 05:17 am
I have three siblings, one lives in the home that our Mom willed us when she died in 2008. My sister bought 46% from our Mom in 2007 - there is a legal agreement and we are tenants in common, she has also been living there rent free for 5-1/2 years. I want her to buy me out or sell so I can get my inheritance, and won't be liable for anything that might go on at the property - there have been some questionable things she has let go on that might make us all liable. She has a mortgage on her 46%, and also there is a lean for some kind of debt of hers. She thinks the mortgage will be paid off before we get our share. The 54% my Mom willed us is free and clear. I can't get a straight answer from my attorney, he says it will be up to a judge! Is this true? We live in Virginia.
Hi KF-Virginia!
Welcome to the forums!
First and foremost, the mortgage will be taken out on the whole property. If the property is sold off, the mortgage needs to paid off first by your sister. As far as I know, it will be then that you all will get your inheritance.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
First and foremost, the mortgage will be taken out on the whole property. If the property is sold off, the mortgage needs to paid off first by your sister. As far as I know, it will be then that you all will get your inheritance.
Feel free to ask if you've further queries.
Sussane
I am not understanding why we (me, my other sister and brother) should we have to pay off HER mortgage or any portion of it? She got the mortgage to buy the 46% from our Mom. (Per their agreement January 2007 the house appraised for $248,000, she bought 46% = $115,000 she put down $30,000 cash and financed the remaining $85,000) She is also entitled to 25% of the 54% - the portion our Mom will us that is free and clear. (It seems like the agreement between my sister and Mom no longer mean anything even though it has provisions that my Mom's portion will go to her four children in the event of her death.) I have offered to buy her out, but she will not agree, the next offer I made is for her to put the house up for sale by 12/15/13. I doubt she will and has not responded as of today. My attorney said we all have to sign a sales contract as heirs. True? So I am prepared to file a partition suit on the deadline of my final offer.
Hi KF-Virginia,
If your name is mentioned on the property deed, then you will be able to file a partition lawsuit and sell off the property as per court's order.
If your name is mentioned on the property deed, then you will be able to file a partition lawsuit and sell off the property as per court's order.
Why do people make totally irrelevant comments? NO we (me, my other sister and brother) are not on the deed. We inherited the property when my Mom died, there is a legal agreement she made with my sister that sold her 46%, and my Mom owned the other 54% free and clear. I guess that's what I get for posing a legal question to an uneducated audience!!
Hi KF-Virginia!
Welcome to the forums!
Unless your name is added to the property deed, you will not be able to file for any partition lawsuit. Secondly, you may try signing the sales contract though your name is not on the deed. Unless you are declared as one of the owners of the property, the sales contract will not hold any value.
Sussane
Welcome to the forums!
Unless your name is added to the property deed, you will not be able to file for any partition lawsuit. Secondly, you may try signing the sales contract though your name is not on the deed. Unless you are declared as one of the owners of the property, the sales contract will not hold any value.
Sussane