I have lived in the property with the deceased for the past 20 years. I am named as a co-executor. I property is to be sold and the proceeds divided equally between the deceased three children. Of which I am one. The Wills estate attorney has filed for probate.
You can purchase your parent's home upon their death. You indicate that the Will provides that the home be sold and the proceeds distributed among the 3 children. You can be the purchaser of the home. Of course, your siblings have to agree upon a purchase price with you otherwise the market value has to be used. In other words, you have to buy out the interest of your siblings, 2/3 of the agreed upon sale price.
This is something the probate attorney can provide assistance.
The information you obtain herein is not, nor is it intended to be, legal advice. It does not establish an Attorney/Client relationship. You should consult an experienced probate or estate attorney for individual advice regarding your own situation.
You may be able to purchase the house but it must be at fair market value. You will need to agree on qualified appraisers and how to determine value if you use more than one appraisal.
Hope this helps.
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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 [email protected] , his website for more tax, estate and business articles is www.sjfpc.com. and his blog is
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In order to purchase the residence from an estate (and I am working on the assumption you do not have the outright cash to purchase the house), your mortgage company is going to require, in addition to their normal requirements, additional information from the co-executors (which you state you are one).
Any mortgage company and title insurance company will want to be assured that the Inheritance (Pennsylvania) and Estate (Federal - if applicable) are paid.
You should also be careful that - as you are, in essence, on both sides of the deal - your fiduciary duties as the co-executor are beyond reproach. The main issue I see here is not necessarily your responsibilities, but those of the other co-executor.
Good luck and be careful. Your attorney should be advising you of all of this.
And - lastly - as a very important aside - please tell tell your attorney that you have posted here. Any dealings and discussions regarding the details of your estate should be kept between you and your attorney.
The information provided herein is not legal advice, not does any communication. No attorney-client or confidential relationship is or should be formed by use of the site. John B. Whalen, Jr., Esq. http://www.whalenwillslaw.com/
It is possible to purchase the property from the estate if all of the beneficiaries can agree to do so. You and the co- executor must obtain appraisals for the property, as it must be sold at fair market value. The inheritance tax must be paid or otherwise the title company will require that it be escrowed prior to closing. All of this must be discussed with the attorney representing the estate who can offer guidance in this area.
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