“I’m wondering what happens when my parents pass away and I want to keep all their real estate assets and my sister wants to sell them. If she’s older, does that mean she gets to decide what happens with them? Can I pay her so that I am the only owner?”
This is really a probate question, but I’ll give it a shot:
First, if your parents have a will or trust, the terms of that document will control.
If not, then to a large extent it depends on who is the executor (or administrator) of the estate. That person generally has control over how property is gathered and distributed.
Yes, it is possible for one heir to buy out the interest of another. However, this would need to be done in a coordinated manner with the administrator.
If all else fails, you can get into a probate fight with your sister. This will usually guarantee that the property is sold to pay the lawyer’s fees.