Legal Question in Real Estate Law in California

I want to buy my sister and brother out of their share of our mother's house that was left in a family trust. first of all can I, if they agree? would the property tax go up to current market value? Could I take a loan against the equity to do this? The home is 100% paid off. I own another home that is 100% paid as well, would it be best to take a loan from it? last thing, Cal Trans is doing work on a freeway off ramp which will require them to work on the property, we signed an agreement stating we can not sale during the construction, could I buy them out now while this is going on?


Asked on 2/02/11, 12:24 pm

1 Answer from Attorneys

Generally you can buy them out, but you would have to have the specific terms of the trust reviewed first. You may have to buy it out of the trust and leave the proceeds in the trust if it is a spendthrift trust. I would have to review title and the transaction to be sure, but most likely the property tax would go to market. What you can borrow against and how is a question for a mortgage broker or commercial lender, not a lawyer. It would take a review of the CalTrans contract to be sure, but you most likely can do the transaction while the work is going on. They just don't want someone who wouldn't be bound by the access agreement to own the property.

Read more
Answered on 2/02/11, 1:37 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in California