Legal Question in Wills and Trusts in New York

Sibling changed mind about sale price

My father's house was left to his 3 children equally. My sisters and I sat down and discussed what would happen with the house. Since none of the two wanted to buy it, I offered to purchase it. We verbally had agreed to $80,000. That was what I would get for the mortgage and split between the two of them. 2 days before I was suppose to go to the office and sign the paperwork, my sister calls and tells me that the price is too low and that she wants more. The other sister is fine with the agreement. The sister with the issue, wrote my father an very nasty letter about 2 months before he dies and had not spoken to him since before that time. I know that she just wants more money. Do I have any recourse? I can't afford moe than the $80,000. I don't want to lost our famiy home.


Asked on 11/30/06, 8:47 pm

2 Answers from Attorneys
Lalit K. Jain, Esq. Law Offices of Lalit K. Jain, Esq.

Re: Sibling changed mind about sale price

YES. U DO. Legal action for court resolution is the traditional time-consuming money-eating option. Legal negotiation for self-resolution is the nontraditional non-timeconsuming non-money-eating option. Ur initial free 15-min call to me at 718.233.6226 will help you understand and make ur choice. Thanks. LKJESQ.

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Answered on 11/30/06, 9:57 pm
Walter LeVine Walter D. LeVine, Esq.

Re: Sibling changed mind about sale price

While I agree with Lalit, you potentially have another problem. What is the house actually worth if it were to be sold on the open market? Based upon what you offered, you valued it at $120,000 ($120,000 divided by 3 times 2 = $80,000). If the house is actually worth more than $120,000, your sister has a legitimate complaint. The price she is entitled to is 1/3 of the fair market value. Of course there would be selling expenses and closing costs, recording fees and the like, which would factor into a net value, for computing her 1/3 share. If her share, so calculated, is more than $40,000, she would prevail if the matter were liquidated. Of course, litigating will add to the expenses, so that is a negotiating point. Were there other assets in the estate that you could possibly offer her to settle the matter? This is a reply to an Internet question and the response is not intended to be legal advice or as creating an attorney-client relationship. Missing facts could change the response.

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Answered on 12/01/06, 11:14 am


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