My fiancé‘s father passed away he will the house to all four siblings. The siblings agree that he should have the first option to have the house by buying out the other siblings. But one sibling is insisting that he only has 90 days to secure the financing or move out. Is that really the law?
There are two or three questions here.
First, is he entitled to live in the home rent free for 90 days or any other period of time? No.
Second, how long after the court appoints an executor or successor does that person have to sell the home before the mortgage lender can foreclose? Federal law allows six months.
Third, can the sibling set a 90 day deadline for a prospective buyer to obtain financing? No. The sibling does not even have the right to demand an accounting until many months (usually over a year) have passed or to ask the court to replace the executor until an even longer period (say, two years) has passed without the sibling having received a distribution (one quarter of the net sale proceeds of the home). This is usually the same period which must pass before the sibling can bring a suit for partition, forcing a buy out or sale.
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.
Consumers can use this platform to pose legal questions to real lawyers and receive free insights.
Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.