Legal Question in Wills and Trusts in New York
Real Estate Taxes and Property Value
My father passed away in early 2001 and my sister had been named executor by my father. The executor and a brother were living in my father's house at the time of death and still do to this day. The will states everything is to be divided equally among the siblings. Now my sister wants to get the property transfered to her name so she can get a mortgage in her name. She also says the ''value'' of the house is what the bank will give her not want the market value of the house is. She also is requesting that I pay a share of the property taxes for the house she and my brother have been living in. Does she have any basis for this?
1 Answer from Attorneys
Re: Real Estate Taxes and Property Value
As I see it, your siblings owe you rent for occupying your one-third of the house. You would pay your one-third share of the taxes out of the rent.
You are entitled to one-third of the house. If your sister wants to obtain title she has to buy your interest at its fair market value (not the face amount of the mortgage).