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View Full Version : Partitioning of inherited house - NY New York


NYLI234
03-25-2007, 01:21 PM
Twenty Two years ago, my grandmother transferred the title of her home to my father and his three siblings. My parents have been living there for twenty five years. Recently my parents were contacted by one of my uncles who wants them to sell the house so that he can take his portion of the sale. He is looking for a 1/4 of the fair market value. My parents have not paid any rent and that was due to fact that my parents were responsible for taking care of my grandparents when they got sick. My grandfather passed away about 10 years ago, and my grandmother about four. When my parents first moved in they took over all the payments from my grandmother. They have paid the insurance, taxes, and all repair bills for the past twenty-two years. They have never requested any reimbursement from my aunt and uncles. Since my parents have been making all the major payments on this house for the last 22 years, does that give them a larger share in the sale of the house?

Troubleshooter
03-25-2007, 08:17 PM
Another possibility is to buy out the uncle's interest without selling the house. A second mortgage might be necessary.

Never will real property to multiple people unless you want to start a fight.

tarheit
03-25-2007, 09:19 PM
Not only can it cause a fight, and the type of problem you have now. Consider what would happen if any of the other 'owners' ran into financial problems. Their bankrupsy could affect the property as well causing the sale or buyout. It can be a real mess.

I doubt you'll find your parents are entitled to any more than their quarter that was willed to them. They should be happy they got to live there rent free for 10 years.

-Tim

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