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Real Estate
Reply to "Inheriting house together with sibling...who wants to move in - WWYD?"
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[quote=Anonymous]If they can't afford to buy you out at market price, then force the sale of the house. Have you considered yearly property taxes? If you co-own the house with someone and the other person doesn't pay their share of the taxes, you'll still be liable. What about maintenance and repairs? Who pays for that? You don't want to be a landlord to family. And you really don't want to be a bank for your family. What happens if sibling B falls on hard times and chooses to pay private school over their mortgage to you? Are you really prepared to take legal action? Either Sibling B finds a way to buy you out at market price (maybe that means a combination of using the rest of their inheritance plus a mortgage and forgoing private) or you sell the house. If you think letting them live there under some other arrangement will avoid tension, I think you are deluding yourself. It only opens the door for tension down the road.[/quote]
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