Legal Question in Real Estate Law in Virginia
tenancy in common dillema
My family&I moved to va. to take care of my grandmom. Two of my aunts asked us to move here. They live out of state and weren't able to/wouldn't ever want to come back home to live. My grandmom gift deeded her house to my aunts and my mother(now deceased). They each had 1/3 interests. My grandmom did this because of her age, and thought that they could better handle any business pertaining to the house. She didn't know that she gave up her survivorship by doing this. She continues to live in the house and have since 1969. My family&I live in the house w/my grandmom. My aunts gift deeded their shares over to me since I'm now living here. My mother's 1/3 went to my brother&I after my mom's death(1/6 each). The entire family w/the exception of my brother, acknowledges that this is my grandmom's house, regardless of what's on paper. Now 5yrs. after my mother's death, my brother wants me to buy him out or he will take me to court for a forcible sale. I am a homemaker, taking care of my husband, 4 kids and grandmother. I don't have, can't get, and wouldn't want to give my brother thousands of dollars. My husband & I pay the taxes, take care of the property and have made improvements. Can't afford a lawyer.How can we keep our home?
2 Answers from Attorneys
Re: tenancy in common dillema
Your ingrate brother apparently owns a 1/6 undivided interest in the whole property and as such can petition the circuit court where the property is located to have it partitioned which can result in a forced sale.
However, it would seem that you should be able
to finance an amount based upon the accumulated equity in the property in order to buy out your ingrate brother, effectively removing him from this unpleasant scene of sibling financial turmoil.
Re: tenancy in common dillema
It sounds based on your list of expenses that a mortgage is not included, so you (5/6) and your brother (1/6)own the home free and clear. You should easily be able to get a mortgage for 1/6 of the value of the home and buy him out.
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.
