Legal Question in Wills and Trusts in New Jersey
My brother and mother own a house in New Jersey. Upon her death, I will aquire 12.5% of the house. Is their a way to force my brother to buy me out or to sell the home? We don't get along and the house has torn our family apart. I want to make sure that I walk away with something. He doesnt want to sell the house and wants to continue to have it in the family and have it pass on with generations. I want nothing to do with the house anymore but want my share. What are my options so that I get my percentage/potion financially?
2 Answers from Attorneys
You should immediately verify how title is held. If it's Jointly owned by your brother and mother with rights of survivorship [JTWROS] then your brother could own 100% of the house when your mother dies. If it is owned equally as Tenants in Common, then your mother's estate will own 50% and presumably, you would be entitled to some % of this portion [I would need to see the will to know how much].
At your mother's death, your best option is to have the house appraised, and ask your brother to buy you out. If he refuses, then you will need to bring a partition action in court. That will force him to buy you out or force a sale of the house. This will be expensive for all concerned, and will take time. You and your brother are well advised NOT to let it get to that point.
There is a court procedure called a "partition action" which requires the sale of real estate if the parties cannot agree on a buy-out procedure. This is often costly and lengthy. In your particular case, however, this cannot be done at this time because your mother is still alive. Further, you are operating under an assumption that you will receive an interest in the house when that may not be so, depending on how the current deed reads. In order to avoid difficulties in the future, you may want to discuss this with your brother (and anyone else involved) at this point. It will only get more difficult after your mother passes away.
Keep in mind that this advice is given based on the little bit of information that you have provided in your question. My advice may change based on other information. Further, no one can rely on advice from an attorney who has not been retained. You cannot rely on this advice because we have not personally met and you have not retained me as an attorney. If you have any questions whatsoever, you should meet with an attorney for a full consultation before you take any further steps. Feel free to call me at 856-546-8010. Mention Law Guru and your first consultation will be free. Good luck! Rob Gleane