Legal Question in Real Estate Law in New York

Re: Sale of Property

The four who want to buy the house pay the three who wish to sell if they can agree on a price for their shares.

If the Executor has qualified under the will, he/she can issue an Executor's deed. Otherwise, all sign off on the deed.

This is a relatively easy transaction, provided all the heirs are in agreement as to price and terms.

If you wish further information, feel free to call me at 914-478-2981. There is no charge for an initial consultation.

Re: Sale of Property

Calculate the total value of the estate and divide by 7. This represents each child's share value in the estate. Four get their value from the property and 3 get cash. If there is not enough cash, the 4 buying will have to provide the differential. Have the executor give a Deed to the 4 buying. They need to agree how they are taking title so this can be reflected in the Deed. They either take a tenants in common (an undivided interest that each can sell or pass on to their heirs) or a joint tenants with right of survivorship (as each dies their share goes to the surviving siblings with the last to survive ultimately owning the entire property). I also suggest that the 3 getting the cash quit claim their interest in the property to show they received it under the will but passed it on to their sublings. This can be done in the same Deed as the executor or in separate quit claim Deed (I recommend doing it all in one Deed to save recording fees). The 4 who take the property should have some written agreement regarding sharing of expenses (like taxes and insurance), use of the property (who gets to use it when), what happens if some dies and what happens if the property is sold. A written agreement can avoid problems down the road between the siblings and their families if one dies.

Re: Sale of Property

A division could be had so that 3 of the 7 receive 3/7 of the value of the property (from the others--becasue where else would the $ come from?) while the other own the entirety as co-tenants in common.

Cash is a separate issue if that is a separate bequest. If they cannot all agree on the house situation, it will be sold and each will receive 1/7.

Feel free to contact me if you are still a bit puzzled.

Good luck.

RRG

Re: Sale of Property

The simplest way to achieve your goal is for all to sit down with counsel. Each is entitled to 1/7. If a value is agreed upon, the non-purchasers would get a cash out of their interest. The title work to the realty should be completed through Florida counsel.

The only issue is the fair value of the realty. Remember, agreement is far less costly than litigation.

If you wish, call me at 305 940 8080.