Legal Question in Real Estate Law in Pennsylvania
Co-ownership brother & sister - buyout
Can you please let me know how a buyout works when brother & sister own the home equally? My brother wants to buy me out but I'm not sure how it works.
1 Answer from Attorneys
Re: Co-ownership brother & sister - buyout
Buyouts work the same for any co-owners.
You and your brother would enter into an agreement for him to pay you for your interest in the home, and you to deed your interest to him.
In order to arrive at the appropriate value, you and he should share the cost of an appraisal. If there is a mortgage on the home, that should be factored into the buyout price.
The mortgage would have to be paid off at the time of the buyout settlement. Your brother could get a new mortgage, to pay off the existing mortgage and to pay you for your interest.
You should have a real estate lawyer involved to make sure that the documentation and the loan issues are resolved so that you do not have any continuing responsibility for the mortgage or taxes and other house expenses.
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