Legal Question in Real Estate Law in Massachusetts

You can sell the home and split the profits or you can buy them out. The issue is what is a reasonable rent for the home versus the expenses you incurr.

For instance if the market rent for the home is $2000 a month and the insurance, taxes and necessary improvements that a tenant would not be required to pay are more than the rent, then they should contribute a portion of the difference.

My advice is to make a deal to buy them out at some point if you can afford it. At some point one or more of them may want or need the money from the value of the home.

Good luck

Thank you for your question.

As co-owners, each of them has the right to use and possession of the property, and each of them has an obligation toward its maintenance and upkeep. As attorney Roth has pointed out, you appear to be the only one living there. Generally a co-owner is not made to pay rent to live in their own home, but if you have excluded the others from living there or refused to make the property productive of income, there could be an argument that you should pay rent. You should really speak with a lawyer who practices in this area and put together a well-reasoned offer to buy out your siblings.

The fair market value of real estate seems to be on an upward trend at the moment, and it may be in your best interest to fix a price sooner rather than later. Do not hesitate to contact our office if you would like to discuss your options.