Q: Is the price of an inherited buyout to be updated to increased property value if a year passes?
Two brothers inherit a house. John wanted Jack to buyout his share and Jack agreed.. But a year has passed. If the property appraisal value has increased after this verbal agreement but before a contract, can John ask for more money or should the value of the property be fixed to the date the decedant passed away?
A: I have done many of these cases. A buyout is a settlement, and therefore you can do whatever you agree to do. What you are legally entitled to is a deed saying you are 50/50 owners. Any other resolution is between you. That being said, most settlements reflect current market value, as that is what you would get at a partition sale, which is your legal remedy to force a sale of jointly owned property.
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