Legal Question in Wills and Trusts in Florida
parent's estate
Dad died end of May, mom died 5 years ago. Brother and I named in will to split all his property. Neighbor (a realtor)helped care for dad since mom died, mom and dad had also said (only verbally) they wanted neighbor to be the one to sell their house after they were gone. House appraised at 1.3 million. Neighbor is offering 1.1. I want to take the offer as this is what would please mom and dad. Brother doesn't like the neighbor and wants more $$. Anything I can do legally to make this difficult for him, and/or convince him to go with mom and dad's wishes? thanks - PS bills on the house are beginning to accumulate, we really need to sell ASAP
2 Answers from Attorneys
Re: parent's estate
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
Any statements made by a parent that are not in a will are not binding. If the house appraised at $1.3 million, it is not unreasonable for your brother to expect it to sell for a similar amount although that might not happen in today's cooling real estate market.
You need to sit down with your brother and try to reach an accomodation. Perhaps one party can agree to buy the other out. Alternatively, you may wish to get a market analysis from another realtor and see what a third party says the market value may be.
Scott R. Jay, Esq.
Re: parent's estate
You did not say how much more $$ your brother wants. If he wants the full 1.3M appraised value then consider this: The real estate commission on that amount is about $91K, leaving about $1.2M to split after the costs of sale and upkeep. You are a 1/2 owner so offer to sell your 1/2 interest to your brother for $600K. He can then hold out for whatever price he wants. You also did not mention of he is contributing 1/2 of the costs of the upkeep. Short of some agreement with your brother, you could sell your 1/2 interst to someone (probably at a substantial discount) or intitiate a suit to partition which will probably result in a court ordered sale (could be ugly).
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
