Legal Question in Real Estate Law in New York

buying out siblings on inheirited property

6 siblings inherited house. All agreed 1 could remain in house maintaining upkeep. They moved & I offered to buy house & get mortage after my house was sold. I advised I would advance money to them if requested until I got mortgage. All agreed on price & terms that I would move in & get mortage in 6 months. I offered to put in writing & sign agreement but they advised not necessary to draw legal document. I advance different sums of money whenever requested. Several months after we moved into house my husband got sick, finally diagnosed advanced lymphoma & began chemotherapy. Emergency on job required me to work 60-70 hour week. I subsequently injured my back requiring several months physical therapy. Preoccupied with these problems I never got mortgage. I now advised I want to get mortgage since it is 2 years since we moved in. I am now advised the price is $110,000 higher than originally agreed since real estate is up. No one ever advised at time of agreement or since that price would change. Do I have any chance to bind them to original agreed price?


Asked on 5/23/03, 4:44 pm

2 Answers from Attorneys
Seth Kaufman Seth M. Kaufman

Re: buying out siblings on inheirited property

Generally, contracts to purchase real estate must be in writing in order to be enforceable. You may have documents that satisfy the writing requirement, while other acts by you or the other owners may constitute "reasonable reliance" upon which you may be able to recapture some of your costs. I need a clear rendition of all the details before making an assessment. Please do not hesitate to call me at 212-367-9167 to arrange a free consultation if you wish to discuss this further.

Good luck,

Seth Kaufman

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Answered on 5/23/03, 5:12 pm
Debra Palazzo Law Offices of Debra Palazzo, LLC

Re: buying out siblings on inheirited property

Even if you had a written contract, it is 2 yrs after you said you would get a mortgage. You did not perform and therefore your siblings are not bound by any agreement they made to you, including price. In 2 yrs....the RE market has increased substantially in most parts of the State. You should get an appraisal of the home and decide whether to purchase accordingly. But of all things...don't let this turn into a family feud.

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Answered on 5/23/03, 9:20 pm


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