Legal Question in Real Estate Law in Pennsylvania

Re: Buying me out of the House we coown

If your parents want to keep and stay in the house, they could refinance it and pay you for your interest. You and your parents would share the net proceeds if there would be any money left after paying off the current mortgage. As part of that refinance, you would deed your interest to your parents.

If you and your parents cannot agree on a buy-out,

you will have to go to court to seek partition of the house property. Usually, if the parties cannot agree, the court will order a sale with a division of the proceeds of sale. While this sounds similar to a buy-out, after court costs, there would be much less, if anything, to divide. Both you and your parents will end up with much less.

This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

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