Q: I want to ensure ill be getting a property once probate is over. Can i get this in a legal document
My parents estate is in probate and my sister is the executor. I want to buy one of the properties and my siblings say they want to be bought out. Is there any way i can have this in legal writing so i know for sure im getting it and they cant change their mind last second. Or is nothing able to be done until probate is over
A: Ask them to sign a stipulated court order in the probate that gives you the right of first refusal to buy the property. You will want to include something in the order that sets the way to determine what the fair market value price will be that you have to pay. Remember you can only get a discount equal to your share of the inheritance after you pay your share of the probate costs. You can't expect to pay less then full market value unless your siblings don't mind and there is enough money to pay all the debts. You could point out that selling directly to you will avoid paying a realtor commission so you should get that much of a discount. There are still costs for issuing you title insurance and you will want to get a title report before you buy the property even if you think you know everything about it. Hiring an Attorney to help you is the best idea.
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