Legal Question in Wills and Trusts in New York

You may gift your 1/3 of the house to your brother and sister. You may ask your brother and sister to purchase your 1/3 share of the house. You may seek a partition on the house and force a sale so you are able to obtain your 1/3 share of the house.

Mike.

If you and your siblings are in agreement, they can buy you out (give you 1/3 of the property's value) or you can gift your 1/3 to either of them.

The previous answers are correct. However, in this market, THAEY may not want an entire house they are responsible for (esp. if they had to buy you out). You can do the partition and it might encourage them to buy. However, in this market, it is tough to get buyers of r/e, esp. 1/3 of a house, unless, of course, you three sell the house way below market value. Have you considered renting it out? As more and more people lose their homes, there are more possible renters out there. On the other hand, those renters are strapped for cash. in any case, being a LL can be tough and you need a really good lease agreement and a considerable sum up front. Then, have something in writing as to each of your rights and responsibilities (my husand got stuck with repairs, chasing the tenant for money, etc.)