Q: How do I keep my mom's condo?
I live in CA. My mom left my sis and I a condo. She died in 2010 and just now doing probate. I would like to buy condo myself. Real estate agent is telling me I have to list/market property and could be outbid if someone else bids 5% higher. I thought as long as my offer was at least 90% of appraised value by probate referee and my sister agrees that I could buy it without having to have others try to outbid me. Can you please clarify for me?
A:
Dear Azusa:
It really depends if you and your sister are the only beneficiaries of the estate. That is, the only people who have a right to the property. You mention that you Mom left you and your sister a condo, but do not mention if it was a specific gift in a will (i.e., My condo to my two daughters, Jane and Jill) or if there are any other beneficiaries.
Assuming that you and your sisters are the only people entitled to receive the condo, there is nothing wrong with an agreement between the two where you receive the condo and pay her an agreed upon sum. Even if there were other heirs/beneficiaries, so long as they agree to the deal you don't need to market the condo to third parties. (And, keep in mind here that the agent may be looking out for their commission, which is based on the sales price. Higher price, higher commission.
Word to the wise here, you will want the court to approve the agreement before the transaction occurs. In this way, you save a potential headache down the road.
In any event, I would speak with an attorney about helping you though the process. In addition to court approval, in the proper situations an attorney can help structure the deal such that you retain the maximum reassessment exclusion. If you do not know where to find an attorney, try your local county bar association. Most California county bar associations provide lawyer referral services where you receive a consultation for a small or no fee.
Good luck.
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