Hello. My father passed away over a year ago and left my sister, brother and myself equal shares of a sizable piece of property in upstate NY. My sister wants nothing to do with it because of the taxes and the fact that she lives 15 hours away. There is a lien on the property so we don't want to raise any red flags to the gov't by filing papers to buy her shares out. If we have a document written that basically signs it over to my brother and I indicating that she is not responsible for the taxes and has no rights to the land or profits generated from it, is this a legally binding document?
1 Answer from Attorneys
It is, or can be, binding between the three of you, but until you record a deed, her creditors can levy on her interest in the property. I do not understand the red flag issue and I suggest you discuss your options with counsel. 516-242-1453