[clarksis]

Sister and I inherited property from Dad in 2003. I am buying her half now in 2009. I offered her 1/2 the market value at the time of inheritance, not 1/2 of today's market value, the latter being twice as much. She disagrees with that strategy. It should be noted she has not paid her share of property taxes and insurance for 2 years. What should I consider doing?

[stevetcg]

You should offer her half of what the property is worth now, less the amount owed for taxes and insurance.

Making an offer on what something was worth 6 years ago is unreasonable. If you wanted it at that price you should have bought it 6 years ago.

[ScottGem]

You are saying that the property has doubled in value 2003? That odd for real estate in the current market.

But if that is the case, why she she accept a 6 yr old value? I certainly wouldn't.

Do the rioght thing and offer her the current value. You can add stipulations in the contract that you will deduct her share of the taxes and insurance that haven't been paid.

[clarksis]

You should offer her half of what the property is worth now, less the amount owed for taxes and insurance.

Making an offer on what something was worth 6 years ago is unreasonable. If you wanted it at that price you should have bought it 6 years ago.

Thanks for the input. She actually agreed to my offer in 2003 but has drawn it out for 6 years with emotional attachment issues to the property... email after email after email... never resolving anything. All of a sudden she is willing to sell but the current market value isn't something I can afford.

[clarksis]

You are saying that the property has doubled in value 2003? That odd for real estate in the current market.

But if that is the case, why she she accept a 6 yr old value? I certainly wouldn't.

Do the rioght thing and offer her the current value. You can add stipulations in the contract that you will deduct her share of the taxes and insurance that haven't been paid.

It's lakefront property, so that's why the value is so high.
Thanks for the input. She actually agreed to my offer in 2003 but has drawn it out for 6 years with emotional attachment issues to the property... email after email after email... never resolving anything. All of a sudden she is willing to sell but the current market value isn't something I can afford.
She also wants lifetime privileges to vacation there whenever she pleases... at no cost to her. And wants her share back if I pass away!

[ScottGem]

If you have a contract agreeing to a price, you MAY be able to enforce that contract. It would depend on the wording. But it's a long shot. I can see offering the lifetime usage, even making that binding on your heirs, but not to leave it to her in your will.