Legal Question in Wills and Trusts in Wisconsin
I am in a Tenants in common agreement with 6 siblings. We jointly own a farm with acreage. One sibling wants out, the process is clearly written as to accomplish this, so we are buying sib out. I feel this buyout means relinquishing all uses of the property(home, outbuildings , growing a garden etc. )We are paying sib therefore my feeling is you are choosing to give these things up. Other sibs want to allow continued use of garden, outbuildings and let sib retain keys to all. Question: at time of deed transfer should there be a legal document that exiting sib signs acknowledging relinquishment of all these things? Other suggestions?
1 Answer from Attorneys
I agree that you should develop an understanding about continued occupancy by the departing sibling before you close, just in order to avoid future family problems. Technically speaking, however, it is not required; the remaining owners could accuse him or her of trespass after your closing if he entered the property for any reason without permission. Assuming that you are a close family, however, this would be awkward, to say the least, at future family gatherings. If the departing child wants continued access to the property, it would therefore make sense to have that fact reflected in a lower buyout price, and/or in a written agreement to contribute in the future towards some of the expenses of the property. If you want such an agreement to be effective and enforceable in the future, you should also have it drafted by an experienced real estate lawyer. Please be aware that my responses to you in the public web forum do not make me your attorney and that I am not representing you or taking any action on your case. These answers are intended for public educational use only and may contain advertising materials. You are welcome to contact me during business hours at my in Racine if you still have questions. Read my past answers at http://www.lawguru.com/answers/search/attorney/jknixon or see me on the web at www.jayknixonlaw.com.