Q: My brother and I inherited my dads house( no mortgage on the house, we were told we had to have the deed transferred to
both our names, can I buy him out? If so how long do we have to wait for me to obtain a mortgage loan on the house?
A:
Hi,
Yes, it is entirely possible to buy out a co-owner on inherited property. There are two ways to do this:
1) if there is enough other property in the probate estate it might be possible to have real estate disbursed solely to one heir and other assets disbursed to the remaining heir(s).
2) if the house is the primary asset, then typically there are 2 deeds: first, a deed from the personal representative to the people inheriting the property, then secondly a deed from the new co-owners to whomever is keeping the property.
There is no waiting time on getting a mortgage -- one can use the mortgage to fund the buy-out and record the mortgage at the same time as the second deed. However, there may be waiting times for disbursing the house out of an estate.
An attorney can help with drawing up the deeds (as well as preparing other related paperwork which might be necessary) You're welcome to call my law firm at 410-216-7000 for a no-cost initial 10 minute phone call, or contact another attorney of your choosing. While this post isn't specific legal advice or a promise to represent, I hope it helps!
- Cedulie
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