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Reply to "When the estate breaks the family"
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[quote=Anonymous][quote=Anonymous]The estate owns half the house and the purchasing sibling owns half the house. Let’s say house was purchased for 500k with each “party” putting down 50k (for total 100k down payment), and house is now worth $1m. The estate owns 50%. So the estate is owed 500k minus their half of the mortgage. If sibling has been handling all maintenance, taxes, etc. I’d give them a generous credit for that. So let’s say 500k minus hypothetical 150k remaining on mortgage minus 50k for taxes/maintenance = 300k owed to estate. Sibling could buy that out or give up that equivalent of cash remaining. No way should sibling just claim the estate’s half of the home and get their share of other assets. [/quote] This. And also the estate needs a better lawyer. A single tenant in common can sell their share to anyone they wish. House Sib may have right of first offer or right of first refusal. If House Sib refuses to offer the estate a reasonable buyout, a judge will likely force a sale. [/quote]
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