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Question by Geronimo5: Looking for opinions on a situation concerning joint ownership of a family home.?
Our parents owned a small three bedroom home in Connecticut.
My Mom died twelve years ago, and ownership went to my father.
He is currently living in a foreign country, in a nursing home, and a lawyer from that country has power of attorney for him, granted by myself and my brother and sister. We are all around fifty years old. I am married, and own a house with my husband and seven year old daughter. My brother is married (no kids), and rents a townhouse.
My sister, however, still lives in the family house where I also lived until I got married eight years ago. My sister maintains and has upgraded the house over the years. Landscaping, vinyl siding etc. She is not married.
We are sending papers for the lawyer to sign over this house to us three adult children. My father has always agreed to this.
Do you think it is right for my brother and I to ask our sister to buy out our 2/3 of the house, considering she will be living in it probably forever? She makes good money.
Of course we will compensate her for the improvements she paid for. We are not trying to be greedy. She has been living there mortgage free for more than ten years.
Best answer:
Answer by …..
Your sister will be living forever? How did she manage that?
Know better? Leave your own answer in the comments!
Tags: CheckMyNursingHome.com, fall, Nursing
July 23rd, 2011 at 3:15 pm
yes, if the 3 of you own equal shares and she wants to continue to live there, she should buy you out. No question.
July 23rd, 2011 at 4:08 pm
yeah, its sounds fair that each of you should get 1/3 of the value of the house. If you want to sell your share, then its fine that you expect 1/3 as a payout. If one person in the group wants to keep the house, they can get a mortage against the house to pay out the other 2/3, and they get a house for 1/3 less than what its worth, so it all works out the same for them.
I think it would be unfair if one person got the advantage of living in the house and the other two people got nothing
July 23rd, 2011 at 4:11 pm
You will get money from your SISTER’S LANDSCAPING AND MAJOR UPGRADES when the house goes up for sale. She should be reimbursed for those things, as your selling price will be reflected in those things. If she has receipts, or you can do some research as to the amounts, fine. Then, after being fair with her, sell and sort the money out three ways, equal. Why punish her, even if she makes good money (which, by the way, is no basis to decide on inheritance) because she kept the house in good shape.
After a funeral the true nature of the survivors come out; do be fair and loving. Don’t use things such as her income, her single status, etc. against her. That isn’t what would be considered if this went into a court of law.
When I was single, and my parents died, my brothers started weeks after the funeral to scream for their share of the money. I had given them all buy $ 50 )to be used for two last bills), but they insisted there was more, and since I was single didn’t need any more of the inheritance. What? Being single, I had LESS money (and being female) had no future increases coming. Long story short, my brothers did nothing to take care of mom or dad, I had the parents in the home and took care of their needs, and yet, before the bodies were cold, the vultures came hovering over. Dont’ do that to yourself, her or to anyone else. Just be glad you had a family(some people don’t) and share equally. You will be teaching your daughter a lovely gift of love, and not one of “you owe me.” Thank God every day that you have an inheritance; again, most people don’t.
If in doubt, call an attorney.
July 23rd, 2011 at 4:30 pm
Yes, I think that is completly resonable of you and your brother to ask your younger sister to buy out your share of it. If she is making a great wage then yes, that also makes it even easier. But please consider the renovations she did to the house, did you and your brother help in footing this bill??? If not that needs to be taken off the total price of asking. I hope this does not cause a family conflict, and that you can all come to an arrangement, without ill will feelings. Take care, and I hope it all works out.
July 23rd, 2011 at 4:38 pm
After my mother passed away (dad had passed years before), we did pretty much the same. A sister had been living with mom for years, in the old family home. She had made many improvements & kept up the house & yard over the years. We all had a sentimental attachment to the home & wanted to keep it in the family. Our sister could not afford to buy the home from all of us, though – not at market value.
We all decided to let her buy it at the price she could afford, if she promised to continue to have holiday parties at the house, keep it open to us as mom had done for years. Of course, she agreed.
You can ask your sister to buy you out. She may not agree to it, though. Then, you’ll have to decide whether it’s worth creating a rift, with the two of you forcing her to choose between selling her share or buying you out.
July 23rd, 2011 at 4:45 pm
First, I hope the Power of Attorney which was given to an attorney, is a Limited Power of Attorney.
I see nothing wrong with you and your brother receiving your share of the family estate.