Legal Question in Wills and Trusts in New York
House value when
My mother died in 1999. My sister wants to buy me out of the house she left both of us....now, in 2003.
Do we go by the appraised value of the house in 1999 or value in 2003?
Is this in the law anywhere so I can quote it? It does not seem fair that she has lagged for over 4 years and now she is the only one to benefit by the 4 years of additional value to the home.
Thankyou.
4 Answers from Attorneys
Re: House value when
My condolences on the loss of your mother and the stress and friction caused by your sister's laxness.
The value assigned to the house is a subject for negotiation between you and your sister. You may sell your portion for the 2003 value, the 1999 value, or any other value you agree on with your sister.
If the will requires you or your sister to sell her portion to the other, the above may not be accurate. The will may direct you to the proper value or, if it does not help resolve this issue, who was at fault for the long delay? If you are at fault, use the 1999 value, if she is then use the 2003. If neither is at fault, I would suggest the 2003 value.
Financial transactions between relatives are always difficult. Because it relates to your mother's will and your house it becomes even more difficult. You are welcome to a consultation with me for no fee at my offices at 42 west 44th Street, NY,NY. Please call for an appointment first. 646-591-5786
Re: House value when
If the house was left to both of you you have no obligation to sell at all. If you choose to sell you have the option to set the price which means you are free to ask for current fair market value, or any other price to sell your interest. Be aware that with any sale there are tax consequences.
Should you like to discuss this or any other legal matter, you can call my office to schedule an appointment for a consultation or in the alternative, I can be reached for on-phone low-cost legal consultation at 1-800-275-5336 x0233699.
Re: House value when
There is no statute governing your situation.
You each own a one-half interest in the house. Any sale, whether one-half (you to your sister) or the entire house, should be made at today's fair market value.
You and she, as adults, can negotiate a price, but the starting point is the value today.
Re: House value when
SINCE IT HAS BEEN 4 YEARS AND THE WILL MADE NO PROVISION FOR THIS, THE VALUE TO USE IS CURRENT VALUE. ANY GAIN REALIZED, IF THE HOUSE IS NOT YOUR PRIMARY RESIDENCE WILL BE BASED UPON THE DIFFERENTIAL BETWEEN THE VALUE AT DATE OF DEATH AND THE SALES PRICE. SINCE YOU OWN IT MORE THAN 1 YEAR, THE GAIN IS LONG TERM.
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