Legal Question in Real Estate Law in New York
My father and mother, both age 90, want to transfer ownership of their vacation home to my sister and me. My sister wants the house, I do not. Once she receives her inheritance she will be able to buy me out, but it's clear from our conversations that she doesn't intend to. Instead, she has suggested that I take out a loan on my share as a way of getting my money out. In essence, she wants me to give her an open-ended, no interest loan so she can enjoy use of the house. I don't want to do that. In addition, my sister isn't a responsible person, and owning a home with her could very well turn into a disaster for me. What are my options? I haven't signed the transfer papers yet.
2 Answers from Attorneys
If you take half ownership of the house and your sister fails to buy you out, you may bring an action for partition to force a sale of the property and division of the proceeds.
Mr. Nager is correct. If an amicable resolution that satisfies you is not reached, you would probably need to bring an action for partition. We have substantial experience handling such cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.
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