Legal Question in Real Estate Law in New York
How to buy-out my brother's inheritance to our single-family home?
I am 55 years old, a homemaker, suffering from fibromyalgia, and I own half of my parents who are deceased single family home built in 1939, with my brother (he is 54 bachelor, an electrical engineer) through a will/inheritance, with the mortgage paid in 1978. I want to borrow $150,000.00 to buy out my brother, without obtaining a new, first or second mortgage, can I take out a personal loan, hire a lawyer and transfer title/deed to me as full owner? My other question is I have 2 children, a daughter 21 who is employed full-time, and a son who is a college student, and works, but my husband has bi-polar depression, alcoholism, compulsive gambling and hepatitis c, and he is 60 years old, we the parents are not financially stable, disabled, can my children be the owners of my home without a mortgage? Please respond directly to this e-mail address; [email protected]
Thank you
1 Answer from Attorneys
Re: How to buy-out my brother's inheritance to our single-family home?
It will be difficult to qualify for a personal loan without documenting income or pledging the house as security (mortgage). You may qualify for an unconventional mortgage with a co-borrower.
In any case, you should have an appraisal conducted and a written agreement between you and your brother transfering the property to you. There may also be a transfer tax incurred by you.
Your children can own the property outright if they are over the age of 18 but a Trust may be best for creditor purposes. In addition, if you borrow money from a lending institution, the person borrowing must be on title (deed).
Finally, your husband is legally entitled to a portion of your estate which is another issue.
You may contact me directly for a complimentary consultation.
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