Legal Question in Real Estate Law in Pennsylvania
Dividing several jointly owned properties
My father-in-law's estate is being probated right now. He owned multiple tracks of land in Luzerne County with a relative. (still living) I beleive it was in both their names as tenants in common.
We are on good terms with this relative. She is willing to transfer some of the properties into her name only and some soley into the name of my father-in-laws estate. In other words a 50/50 split. We like this option. Neither of the parties involved have a lot of money to buy the other side out. Can this legally be done? If so, how do we go about doing this? In the end we'd like to settle this estate and sell this land. I imagine this would involve the retitling of 5 different properties.
1 Answer from Attorneys
Re: Dividing several jointly owned properties
Yes, its perfectly legal. The executor and the relative will have to execute deeds on the property to the new owners. Depending how comfortable the executor and the beneficiaries of the will are with the deal there may be a need to have the property appraised. The only other expense other than deed preparation will be the recording of the deeds. Who pays for what is up to the parties involved.
If you have any questions feel free to contact me the initial consultation is free.
{John}
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