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Buying out a sibling who in Tenents in common

Discussion in 'Joint Ownership' started by stacy lynch, Aug 28, 2019.

  1. stacy lynch

    stacy lynch Law Topic Starter New Member

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    I'm on Title to a home 50/50 with a sibling. We have a family notarized agreement that in the death of our mother or severe illness I am the one who gets to buy out her, fair market value. We are in this situation now. I want to live in the home and so does she, she currently is. Do I have access to go in the home? live in the home? with the notarized agreement hold up in court is she refuses to let me buy her out? I financially can. I want to avoid a partition lawsuit. I want access to the home now. She is living in it now and putting a lot of money into it to fix it up and even wants me to pay 1/2. My husband and I want to buy her out and fix it up ourselves.
     
  2. adjusterjack

    adjusterjack Super Moderator

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    You have a big problem. That agreement might or might not hold up in court.

    You are half owner. No reason you can't just move in and live there. That, of course, is likely to start hostilities that won't to anybody any good.

    If she won't cooperate, a partition action may be your only alternative unless you are offering so much money in cash (not payments) that she can't say no.

    Do you have the cash to back up an offer of half the market value plus reimbursement of whatever money she has spent to fix thing up?

    Do you have the thousands of dollars that it would take to resolve all this with an attorney?

    This is exactly the reason why nobody should be leaving real estate jointly to siblings.

    All she's got to do is stay put and thumb her nose at you.
     
  3. zddoodah

    zddoodah Well-Known Member

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    I'm a little confused here. First of all, I'm not sure what "family notarized agreement" might mean, but that's likely not relevant.

    Are you saying that you and your joint owner sibling have a contract that requires you to buy and her to sell her interest in the jointly owned property when your mother dies or if she has a "severe illness"? Or do you or does she have the option not to buy/sell if you/she doesn't want to? What would be the purpose of using your mother's death or illness to trigger such an obligation?

    How could we possibly know? If you're asking whether you have a legal right to live in the home you own, you've given us no reason to think that you don't, but it's possible that the "family notarized agreement" has something to say about this.

    Huh?

    I assume "with" was supposed to be "Will," but I would hope it obvious that folks who haven't read the contract have no ability whatsoever to speak intelligently about what it says or whether it might be enforceable.

    Seems reasonable.

    Then make an offer.
     
  4. stacy lynch

    stacy lynch Law Topic Starter New Member

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    Yes, I have plently of money to buy her out at 1/2 market value and no agreement on that regarding upgrades. I want to buy her out now and upgrade myself. Yes, I have money to do a partition lawsuit but would like to avoid it.

    Yes, the written agreement saying "I get to buy her out" not her "buy me out" and she agreed to it. At the time of severe illness or death of our mother. That has happened. My husband and I are ready to buy her out at fair market value. We own a 2nd home to do this.

    Im figuring out a way to upload it. The agreement says I get to buy her out, not her buy me out if I choose to. Less any mortages on the loan. If I can't do that then we will sell the home and split the value. I am able to buy her out at fair market value, and resume 1/2 what is left on the mortgage payment (refinancing)
     
  5. zddoodah

    zddoodah Well-Known Member

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    Ok, so do it.

    I'm honestly not sure what you're asking us given that we've never read your contract with your sister.
     
  6. adjusterjack

    adjusterjack Super Moderator

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    Then your only issue seems to be that she wants to live there and not sell out to you.

    You haven't said how much money you have offered (a specific dollar amount) or what her response was.
     
  7. stacy lynch

    stacy lynch Law Topic Starter New Member

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    I will give her 1/2 of fair market value. I have it because I own another home I will sell. over 300k, she does not have another home and will not be able to buy me out. The agreement year ago, notarized was for me to buy her out anyways. Complicated I know
     
  8. Zigner

    Zigner Well-Known Member

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    I'm not convinced that your "agreement" is enforceable. I suggest that you speak with a local attorney.
     
    army judge likes this.
  9. zddoodah

    zddoodah Well-Known Member

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    There's an "upload a file" button on the bottom right side of the reply window (as I'm typing this, that button is right below the word "window").

    If you do upload it, please make sure the names and property address are redacted.
     
  10. army judge

    army judge Super Moderator

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    Don't upload anything unless you want to invite hackers and other creeps into your life.
     
  11. army judge

    army judge Super Moderator

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    Be smart and heed this wise advice, after all, you said you have PLENTY of money.
     

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