QUESTION
Parents died last year. Left my sister and I the house. $18000 still owed on it and my sister wants to keep and move in. Can she buy me out?
Asked on Mar 06th, 2021 on Wills and Probate - Illinois
More details to this question:
Parents died last year. Left my sister and I the house per the will and testament. . $18000 still owed on it and my sister wants to keep and move in. I honestly dont have a problem with that because i dont want the house, but i dont want to just sign over my half of the house to her either. Shouldnt she buy my portion of the house out from me since i dont want my half of the house?
1 ANSWER
2 Awards
She can buy you out at half the fair market value of the property less half the principal amount owed on the mortgage loan, refinancing the mortgage based on her credit. Be sure to coordinate with the lender and record the deeds.
Answered on Mar 07th, 2021 at 5:12 AM
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.