Legal Question in Real Estate Law in New Jersey

My 4 siblings & I own a summer home, I want to be bought out, how do I go about it? We got an appraisal for 270K, the 3 siblings got an appraisal of 175K. My questions are:1) What if they do not want to buy us out, what options do we have? 2)What ever amount we agree upon for the price of the house, can we do a deed transfer for $1? 3) Does my husband have to pay tax on the money received from his share of the house? 4) Can the check for his share of the house be put into one of my children�s name, and if so do the children have to pay taxes? 5) Do the remaining 3 siblings have to pay a real estate transfer fee?


Asked on 8/17/12, 10:35 am

2 Answers from Attorneys
Robert Davies The Davies Law Firm, P.A.

You have listed a lot of questions. To answer the basics, if you and they do not agree on a price, then you have to go to court and let the judge decide what the value of the house is. You really need to get a lawyer on this. Call me if you would like me to assist.

Read more
Answered on 8/17/12, 10:39 am
Walter LeVine Walter D. LeVine, Esq.

I agree with Bob and there are no clear answers. This may require a suit for partition if the siblings cannot agree upon a price or what should happen. While the Deed can cite any consideration, if the use of $1 as the sales price is to possibly avoid paying applicable income taxes, this could be tantamount to tax fraud. While a realty transfer fee is applicable to all sales, there may be valid reasons for a reduced fee or an exemption from the fee. See my comment about potential tax fraud as it may also be aplicable here. I suggest an attorney and accountant be consulted to get proper answers to some of your questions. I might be able to answer some questions, but more facts are needed.

Read more
Answered on 8/17/12, 11:49 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey