We received this question from a viewer: “Can I buy a property that my siblings and I inherited?”
As long as everyone is in agreement of the purchase, you can. Assuming that the probate was done correctly, you and each of your siblings owns an equal part, so you must settle up with them on their share.
Next, you would have to consider if you’re looking to obtain financing to pay off your siblings. Buying off other owners in this situation is a little different from the typical home buying process.
If you have the funds already, you can pay them their share, put together the paperwork, draft the deed, and record the deed.
Alternatively, you can obtain financing to pay off the part you did not inherit. Make sure everyone is in agreement and the documents are in compliance with what the bank needs, including the purchase and sale agreement and proper loan documents.
See our other video on gift of equity here: https://youtu.be/2ms49POltik
Some do it through a refinance transaction, some through purchase, but it can be done.
If you have any questions about splitting inheritance, contact Stiles Law by calling (781) 319-1900.
Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.