Buying out sibling's share of house

Discussion in 'Buying & Selling a Home or Residence' started by danant, Feb 26, 2008.

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  1. danant

    danant New Member

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    I live in NY am considering buying out my sister's share of a house we inherited from our parents. Currently we are both on deed, I would like to take out a mortgage and buy out her half and with myself and my husband as full owners. Since money is involved, do we need to go thru formalities of closing and if so what type of deed is used, does it state that she deeds her half, etc? basically, what is involved in the process? thanks.
     
  2. seniorjudge

    seniorjudge Super Moderator

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    Q: Since money is involved, do we need to go thru formalities of closing and if so what type of deed is used, does it state that she deeds her half, etc? basically, what is involved in the process?

    A: Yes, general warranty, yes, and go through a title company (which you will have to do if you borrow money and use the land as collateral).
     
  3. jammer72

    jammer72 New Member

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    how to proceed buying mom's home

    My elderly mother is in a nursing home with dementia, under the indirect care of my physician brother. Her home, when she passes has been left to my 3 siblings and me. She has been private pay at the nursing home but my brother has informed me that according to medicaid rules, soon her house must be sold at fair market value to pay her expenses before medicaid will kick in. My husband and I volunteered to "house sit" her home and upkeep it since she's been in the NH so as it will not deteriorate before
    it came time to sell it. My husband and I have decided to ask my siblings if they would agree to sell it to me since it must be sold to someone, apparently to secure continued funding for mom and I believe they would rather keep the home among family. We realize since mom hasn't passed, we have no rights to the home but brother will be seeking power of attorney shortly. Will this give him rights to proceed with putting her home up for sale before she passes? I don't anticipate siblings not wanting me to buy them out. How should I/we preceed with this?
     
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