QUESTION
Who pays assessment fees when purchasing property?
Asked on Apr 07th, 2016 on Estate Planning - Pennsylvania
More details to this question:
In my mother's will, she is dividing the land to her 3 children. Since she has not passed away, the property does not belong to the children yet. However, the one sibling wants to "purchase" the land from the other 2 siblings now. Who pays for the assessment fees? Should fair market value be asked for the property? What paperwork should be drawn up to make this legally binding?
1 ANSWER
3 Awards
This will be easier with an attorney. Whatever you agree upon. You can agree on having one or several appraisals done. You can also agree to value the land based on the county market value. To transfer the land your mother will have to die first, then a deed needs to be issued from the estate to the one sibling if he or she still wants to buy. The estate lawyer can probably handles this.
Answered on May 16th, 2016 at 5:04 AM
William R. Pelger, Attorney Munhall, Pennsylvania 412-461-1900