Can I Give my Other Siblings Cash for the House we all Inherited from our Parents?
|
Summary
My parent left a house to his 4 children - one wants to buy- can he give us the cash or have to go through the “process of buying a house”? We are in S.C. |
“My parent left a house to his 4 children - one wants to buy- can he give us the cash or have to go through the “process of buying a house”? We are in S.C.”
There are some distinct advantages to going through the formal process of transferring real estate, so I would recommend going through those formalities. It’s not quite the same as the process of buying a house, since it’s between co-owners, but you’re saving yourself some possible future headaches.
If the house is still in probate, or otherwise hasn’t been formally transferred to the children, you may be able to avoid some of this trouble by involving the executor, and having the property transferred to the one sibling directly, with money paid by him into the estate and distributed to the other siblings.
|
Get notified whenever ANY new article is posted to DearEsq!:
*We NEVER share your email address with anybody! |
Can I Purchase My Sister’s Half of the Family Home We Inherited?
I Can’t Make the Court Mandated Date to Collect my Belongings from my Mother’s Home, Is it Possible to Change/Reschedule this Date?
If a Parent Terminates Rights to One Child, Does that Also Apply to the Other Remaining Children?
For more on this subject check out these categories: Procedures, Real Estate, Wills, Trust & Estate Planning
A house attorney has answered this question. Contact This Author
State laws vary, and the above is intended as general advice, and not direct legal advice regarding any one particular situation in any one state. For direct personal legal advice related to your own situation you should consult an attorney familiar with the laws of your state and with your situation.
