Legal Question in Real Estate Law in New York

My brother and I inherited our father's home (50/50). My husband and I wanted to buy my brother out at 50% of assessed value contingent on selling on selling our current home which we listed two weeks ago.

Now my brother has decided that he wants to buy the house and he has financing lined up that would enable him to close sooner than we can.

In other words, both of us want the house. What now?

Asked on 2/06/12, 1:27 pm

2 Answers from Attorneys

Walter LeVine Walter D. LeVine, Esq.
0 users found helpful
0 attorneys agreed

Neither of you has a paramount right to acquire the house. I would hate to see this go to litigation, which could occur if you could not reach some agreement. It is possible, that if it went to litigation, that the Court could either deny either of you the right to acquire it, or commence a bidding war betwen you, or even open it to the public. I suggest you try to work this out to avoid possible costly litigation.

Read more
2/06/12, 1:35 pm
David Slater David P. Slater, Esq.
0 users found helpful
0 attorneys agreed

Since his offer is unconditional,i vote for your brother.

Read more
2/06/12, 2:01 pm

Related Questions & Answers

More Real Estate and Real Property questions and answers in New York

Looking for something else?

Get Free Legal Advice

88127 active attorneys ready to answer your legal questions today.

Real Estate and Real Property Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Terry A. NelsonNelson & LawlessRiverside, San Bernardino, CA
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now