Legal Question in Real Estate Law in Virginia

Which way is correct?

We just inherited a property from my uncle estate.Their are other menber of my family that was also mention in the will and we all have equal share to this property. I want to buy the other members that was mention in the will out...Is their a differents of what the price should be because i want to buy the others out..such as the what the property is assets for is one price.and the market value is another...which price should i use to buy the others out? What the property is assets for or the market value? Does it makes a differenc becaus i want to buy them out befor the property is put on the market? Who do i contact to find out the true value of this property? Which way do i proceed to buy the others out of their share of this property?


Asked on 8/13/04, 10:44 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Which way is correct?

A local real estate agent should be able to assist you in deternining the fair market value

of the jointly held property by conducting a comparative market analysis.

Your offer to the other heirs to purchase their respective shares of the property should be based

upon the results of the aforementioned comparative market analysis.(Total estimated value of the property divided by number of heirs = estimated price of each share.)

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Answered on 8/14/04, 12:51 am


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