Legal Question in Wills and Trusts in Pennsylvania
Buying Real Estate from relative
My father was left the duty of selling my aunt's home after she passed away. He is the only sibling alive. My cousins have the right to 50% of the sale of the house, because their mom was entitled to this if she was alive today, this dates back to my grandfathers will. My grandfather orginally owned the home and my aunt had life rights until she passed away. My father took care of his sister for many, many years, my cousins never even came to visit my elderly aunt. Is it possible for my sister and I to purchase the home from my father, at a below market value price, to actually be almost a gift from my father, so my cousins do not get much in the settlement?
1 Answer from Attorneys
Re: Buying Real Estate from relative
Your father has a fiduciary duty to the estate. So no bellow market pricing. However, if you are aware of any defects in the house you could point them out to an appraiser that would reduce its value.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
