Ask Experts Questions for FREE Help !
Ask
    romies's Avatar
    romies Posts: 3, Reputation: 1
    New Member
     
    #1

    Jan 12, 2011, 08:14 PM
    Real estate heirs
    My sibling & I inherited our dad's GA. Home "equally". When my father passed away my sister was living with him due to pending divorce/financial problems. She is the executor & she mentioned that she wanted to stay in the house & "possibly" buy out my part.
    #1 - She & her husband have forclosed on their own home, therefore I doubt she has the money to buy out my share.
    #2 - Can they just stay there rent free for as long as they want?
    #3 - Due to the foreclosure, can the creditors come after them even though the house is also in my name?
    The house still has about 2 more months in probate but I would like to have an idea of what's ahead.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #2

    Jan 12, 2011, 08:40 PM

    Before you settle probate, you need to reach an agreement, as to what is going to happen with house,

    You can ask and require it be sold in probate ( or ask for it) and see what judge will order.

    If she wants to buy it, there needs to be a written agreement on, first who is going to be paying the current loan, and you should be getting some rent for her living there.

    Now you will owe 1/2 of the monthly payment, so what she pays as rent may sort of wash out what you pay.

    You need your own attorney to work though this
    romies's Avatar
    romies Posts: 3, Reputation: 1
    New Member
     
    #3

    Jan 13, 2011, 03:41 AM
    When you say ask for it before probate is settled what would happen if I don't? I assume it will be more difficult? This concerns me because she makes it seem we can't discuss anything until after it is probated because it is not legally ours. There is no mortgage on the home it's paid for in full so the only thing due would be the taxes. I'm renting my home and I'm a single dad so I could benefit from any proceeds from the home. My attorney somewhat knows of the situation but did not mention we needed to have some sort of "agreement" beforehand. Thanks for the input, I was trying to avoid any kind of rift within the family but I needed to know where I stood in the situation.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #4

    Jan 13, 2011, 04:44 AM

    The whole purpose of probate is to settle the estate. When the process is done the estate is settled and everything is ended. So yes, you have to make any motions to the probate court before the estate is finalized.

    As Executor she needs to keep you informed about the process.

    Even if the lender of her foreclosed home goes after her share, they can't go after your share.

    You can also petition the probate court to require that she pay a reasonable rental to the estate. Not sure if you will win, but you can try.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

What is recourse if real estate was sold without consent of all heirs in Louisiana [ 1 Answers ]

What recourse if land in Louisiana was sold without consent of all heirs

What is the fee involved for suing for breach of real estate of real estate contract [ 1 Answers ]

What is the approximate fee involved for suing the buyer for breach of contract for a real estate deal?

Distribution by Executor of Estate Assets to Heirs [ 6 Answers ]

Reference: State of Virginia My spouse's Mother died over two years ago or November 2007. Only part (some cash and some household items) of the estate's assets have been distributed to me and the other heirs. Property, including land, houses and farm equipment that appraised for over $1.4 has...

List of Heirs/Real Estae Affadavit [ 4 Answers ]

My daughter claimed the real estate on the 63rd day of her fathers death and listed her half sister as an heir,We were told she doesn't necessarily have to divide with her sister the real estate is this true? And can my daughter live on the property?


View more questions Search