My father's will states that my brother and I split everything 50/50 including the house. So...

Asked over 2 years ago - Tyler, TX

How can I determine the value of the home so that I can buy him out?

Attorney answers (3)

  1. Kevin P. Shay

    Contributor Level 2

    5

    Lawyers agree

    Answered . Determining value for real property can be difficult since it that depends on many factors, such as the property condition, location and market conditions. You could start with the County tax appraisal value. It is suppose to be the fair market value as of January 1 of each tax year. You and your brother agree on that value use another or combination of methods. You could get a relator's opinion of value or hire a licensed real estate appraiser to prepare an appraisal.

    Ultimately, it is what you and your brother agree to that counts.

  2. James Brian Thomas

    Contributor Level 14

    4

    Lawyers agree

    Answered . Mr. Shay is absolutely correct that the tax appraisal value or the opinion of one (or several) realtors is an excellent starting point. Of course, agreeing to a value is really only a part of the process that you're facing.

    You do not mention whether or not your father's Will has been admitted to probate. In many cases, there is a necessity for administration of the estate. There may be additional assets to collect or debts to resolve. In administrations such as this, an executor is appointed by the Court and that individual is responsible for filing a sworn Inventory of the estate. That inventory would reflect the value of the home as of the date of your father's death, and this value might also be a good jumping-off point for negotiating the consolidation of ownership.

    The Will might also be admitted to probate simply as a muniment of title, and there would be no executor or Inventory. In any event, you are well-served to address the situation with your brother openly and with a mind toward cooperation and agreement. Just don't forget that there may be some housekeeping with the probate court that comes along with that agreement.

    This answer does not constitute legal advice. I am admitted to practice law in the State of Texas only, and make... more
  3. Steven J. Fromm

    Contributor Level 20

    2

    Lawyers agree

    Answered . Both attorneys offer sound advice. You should start with the assessed value and then get a couple realtors to give a written assessment of value and try to come to an agreement.

    Hope this helps.

    Please remember to designate a best answer to your question.

    Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website is www.sjfpc.com. and his blog is

    LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia... more

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