Q: my sister and I are 50/50 heirs to our mothers home. Both names are on title.She lives there how do we split it?
Se has lived there most of her life, and still is currently. We would like to know how we can split the house value and her buy me out. Is there a time limit? and what is probate?
A:
Probate is the court-supervised process pursuant to which the titles to assets owned by a decedent are transferred to the decedent's heirs. You said that you and your sister are already on the title to your mother's home, so it sound like your mother's estate has already been probated.
There is no deadline for buying each other out, nor is there any requirement that you do so, as long as you are both OK with the status quo. If, however, you would like to extract the value of your share of the house, your sister can pay you cash for it in exchange for a deed from you to her. If she does not have that much cash, she could obtain a loan.
Real estate transactions should always be done with the assistance of an attorney. Don't be penny wise and pound foolish. Real estate attorneys exist because real estate is complicated. This is not a do-it-yourself project.
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