Legal Question in Real Estate Law in New York

3 siblings inherit mothers house on long Island, NY. house has no mortgage. 1 sister lives in the house. The sister living in the house and another sister who doesn't, want to buy out the third for 1/3 of the appraised value, to which all are agreeable. house will then be deeded to the two other sisters. is it fair that the sister living in the house be responsible for full mortgage payment, in essence, the sister in the house is buying out the third, and the sister that doesn't live there now owns 50% but will cost her nothing. is that the fair thing to do, since the sister that doesn't live there won't receive any monies until the house is sold somewhere down the line?


Asked on 9/27/12, 4:52 pm

1 Answer from Attorneys
Thomas Sirianni The Law Office of Thomas A. Sirianni

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Answered on 9/27/12, 4:58 pm


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