QUESTION

Need help determining fair amount due brother from real estate owned by my mother and me after her passing.

Asked on Jul 22nd, 2014 on Real Estate - Colorado
More details to this question:
In 1997, my mother and I purchased and shared a home. She paid cash and I financed my portion. We split all costs for improving the house evenly. When my mother left the home approximately 3-4 years ago for a nursing home, the home was quit deeded to me. After she moved out, I maintained the property, upgraded the kitchen, purchased a new water heater, and painted the interior (did not share the cost). My mother passed away in March and consequently, my brother has a ¼ stake of her portion of the home. He wants his portion paid to him now. I will need to refinance or sell my home in order to pay him, but I don't know if he is due ¼ of the current assessed value if I refinance or ¼ of the sale price if I sell, or if he's due ¼ of the assessed value prior to the upgrades I paid for, or if he's due ¼ of the assessed value at the time the home was quit deeded to me. Basically I don't know how to calculate his portion fairly.
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1 ANSWER

Litigation Attorney serving Castle Rock, CO
3 Awards
If your mother quit claim deeded her share of the home to you then the home was not part of her estate and your brother has no claim.   You ask a lot of detailed questions here, much more than can be handled in this forum.  I recommend that you contact an attorney and schedule a consultation to discuss the specifics of your situation and possibly help you with a probate or partition action.   Good Luck,
Answered on Jul 22nd, 2014 at 1:27 PM

Call Don at (303) 688-0944 or email at Reception@RobinsonandHenry.com This information is provided AS IS; and does not create Client Relationship.

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