If you are saying that you would have to pay sibling $30K in exchange for a quit claim deed from sibling........., yes, you can refuse that type of business transaction. That said you need to balance the value of the real estate, the potential for increase in value and the maintenance, taxes and insurance with each of you cotributing to that! Sometimes such partnerships don't work out because one partner doesn't contribute their fair share!!!! If there is a deal, be certain to use the services of a real estate attorney for completing the transaction. Good luck!
This commentary does not result in any attorney/client relationship nor constitute legal advice as to a particular fact situation or status of a reader. Consult and retain legal counsel in the State of Michigan for pursuit of such a relationship.
The short answer to your question is yes you can refuse to purchase an interest in property. However, I think there is not sufficient information posed in your question to understand what your concern is and I think it would behoove you to meet with an attorney to discuss your concerns about the impact of such a transaction. Without more information it is hard for anyone to really give you great advice.
The use of the internet to ask questions and receive answers from this firm or attorney within this firm does not create an attorney-client relationship with this attorney or firm.
As the other attorney's have stated, when you purchase an interest in real estate, the type of title that you receive has an impact on the price you should pay. If you own the property jointly with rights of survivorship, you interest will be worth less than 1/2 of the value of the total value of the property. You should discuss this matter with a real estate attorney for advice on how to proceed.
You haven't identified the other parties involved in this question so I cannot determine whether I may have a conflict in this matter. Should it turn out that I have an attorney-client relationship with any of the other parties, my response to this question will not prevent me from continuing to represent an existing client.
Both prior answers give good advice. You are not required to purchase a co-owner's interest in jointly held property. What isn't clear is whether it would be wise to consider this option. You haven't told us the nature of the property, i.e., residential, commercial, vacant, etc., whether either of you are in possession of the property, or how you came to be joint owners. Then there are additional questions about how the expenses of ownership are presently being handled, for instance, who pays taxes, utilities and insurance. All those factors could change the answers here. Meet with an attorney in your area to determine your best course of action.
I hope this helps you. If it has, please mark as "helpful" or a "best" answer. ******************** I am licensed in Michigan and Illinois, and regularly handle legal matters of this sort. The answer provided here is based on the limited facts you have submitted Actual documents, expanded facts, and local law knowledge are all necessary to provide a comprehensive and specific answer to your questions. The opinion offered here is for your information only and no client-attorney relationship is created by this response.
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