Legal Question in Real Estate Law in New Jersey
I just recently inherited a 50% interest in a home with her two sisters from the father. The mother owns the other 50% of the home. They have no interest in selling the house until the mother passes away. There is a concern that one of the sisters may not want to sell the home at that point. Can the sisters sign an agreement to sell once Mom no longer lives there? The consideration would be no one files a suit for partition to force a sale.
2 Answers from Attorneys
Such an agreement would probably be unenforceable unless all parties have attorneys. Call my office if you would like to discuss this furhter.
That is a workable plan even if the mother does not join in the agreement. It would also be possible to build in a provision so that any of the sisters could bid on the sale of the house when the mother dies. As Mr. Raiken suggests, the interests of the parties may vary and it would be best for each to at least have the agreement reviewed by their own lawyer.
See also: http://info.corbettlaw.net/lawguru.htm
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