Reply to Co-owning the second home

Forum Index » Family Relationships

Reply to "Co-owning the second home"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]Co owning rarely, if ever, works out.

My wife's parents had a beach house in South Nags Head. Beautiful old school cottage ocean front.

They also had a mansion in Glover Park.

When they passed and the estate was being settled between her and her sister, the sister wanted the beach house "gone". She lamented the hassle and expense it was and she lived in Missouri.

We lived in Alexandria, had three small kids, and the ability to work remotely during the summer so we wanted it. In the end, we got that and a small fraction of the sale of the main house.

On paper, all assets were split down the middle.

But guess who still wanted to use the beach house for a couple weeks every year? Yep, the sister.

The breaking point with me was the sister having a colleague of hers reach out about using for a week one summer.[/quote]

Argh on SiL. We may go through this too. DH’s sibling wants the summer house sold immediately or the will rewritten in order that she inherits all cash and DH gets all real estate, regardless if the real estate market is underwater, etc. “I don’t want to be bothered with the summer house or any real estate. I’m not interested in it. X likes that stuff so he can handle it.” In the next breath she will indicate that her adult DCs should be able to have unfettered access to the place according to what works best for their schedules.

We have friends who inherited a family house on Nantucket. One sibling bought out the other sibling and included in the contract that if the sibling asked to use, then there would be a charge for housekeeping/maintenance. Any invitations from them to the sibling to visit would not include a charge. I was a little taken aback but less so know with our own experience and what I am reading here.

[/quote]

It has to be spelled out, written down, and signed.

"We, the undersigned, forfeit any and all claims to 123 Beach Drive. We acknowledge total and complete transfer to (insert sibling name) and recognize that for all intents and purposes the home was sold to strangers."[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics