My father passed away in July 2010 with a will. My brother ,sister and I have 1/3 of the house according to the will. My sister and I want to buy my brother out who lives int he house.But she has limited income and I am not working I quit my job to take care of Dad before he passed away.the house appraised at 93,500 we want to borrow $60,000 Pay my brother $30,000 allow him to live in the House and pay us rent of $1000 a month. He has lived there all of his life and not paid any rent.Can we buy him out and can we make him pay back rent from the time my father passed away?
1 Answer from Attorneys
Yes, you can buy your brother out of his share of the property if your brother agrees to the price. Beware, however, that there's no law that says he must be willing to accept only his 1/3 share -- he could certainly use this as a chance to milk you for more money than he's entitled to.
No, you cannot legally force him pay back rent from the time your father passed away. All three of you have equal ownership of the home, and as such, equal right to possess the home. Your brother has done nothing legally wrong by continuing to occupy the home and you have just as much right to occupy it. With that said, you can certainly factor in back rent payments when you negotiate the purchase price with your brother.
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