Q: I am in negotiations with my 2 sisters for purchasing my dads home. I already own 1/3rd.
Is it legal for them to put in the contract that if I sell the house before 10 years that they get part of my profit over 250,000 less the price of the home and any renovations?
A: Why would you agree to such a term? You can settle on just about anything as long as the settlement doesn't cause you to commit a crime, but why agree? You would be paying your sisters full value as the property has now and then give them none of the loss but a portion of the gains over ten years. In Virginia, you have a right to sale in lieu of partition if the property is indivisible. The statute causes the legal fees to come off the top of the sale. Get a lawyer. Threaten to petition for Sale in Lieu of Partition. If they agree, get an appraisal and make an offer in court. If they don't, list the house for sale. Match the highest offer. Get a lawyer involved in the listing, because otherwise it can go poorly for you.
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