Legal Question in Real Estate Law in New Jersey

Hello,

My father passed away in 2010, through his will all assets were divided evenly between my brother and myself. The issue and question is regarding the house.

Last October my brother passed away, now his 50% of the house is now his wife�s, he did not have a will.

Presently my daughter lives in the house paying the real estate taxes and utilities.

My sister-in-law does not want to keep her half of the house. She wants me to buy her half, and according to her she says that if I don�t want to buy her half then, by law, we must sell 100% of the house. I or my daughter may not be able to buy out her half, are we forced to either have to buy her half or sell the house out right? Selling 100% of the house is not an option and financially buying out my sister-in-laws half may not be possible.

I am, per my father�s will, the executor of his estate. Also the deed is still in my father�s name. One option may be a home equity loan but, I believe, the deed has to be changed over to my name or together with my daughter.

I am in New Jersey

Thank you


Asked on 3/15/14, 10:02 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

When there is a dispute between co-owners, either may apply to the Court for resolution by a suit for partition. The Court can ask either party to buy out the other, or order the house be sold. Your suggestion is to get a home equity loan and you can use this to buy out your sister-in-law. If your daughter's payments will cover the equity loan costs, this might be a solution. And, half the house value (your sister-in-law's share) might be discounted from half the whole value. Finally, while it is traditional that an executor be allowed a commission for his services, although not usually charged in family situations, this concept might be used to reduce the price as well. What did your Dad's Will say about commissions, if anything?

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Answered on 3/16/14, 12:50 pm


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