Legal Question in Real Estate Law in Massachusetts
When 3 siblings want to buy out two others of a family house.After getting an appraisal should they just divid it by 5 and pay the other two there 1/5 shares? Or do you take into account the cost of a realitor fee because if they sold it outright that would cut into the price?
2 Answers from Attorneys
I don't think you would take into account the price of a realtor, closing costs, or other expenses associated with sale. That being said, everything is negotiable! If you would like assistance in refinancing the debt obligations or in making a transfer of the property, please feel free to contact our office. We handle partitions and other real estate disputes.
It depends on how the parties feel about it. If this is being done amicably, I would not take a realtor fee. If you do deduct the fee, you deduct it from the entire Sale Price and then devide by 5. In the end that it is just a point of negotiation.
If you need assistance, please feel free to contact me without obligation.
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