My sister and I inherited a property she wants to keep, but I don’t. She is willing to buy out my portion. What is the process of determining the value and completing this process.
Should be easy enough assuming no liens or other liabilities. Both just need to sign papers an attorney will prepare. Depending on process, she can buy your interest through succession or after. Either way, you need to call a probate/succession attorney to get started. Shouldn't take long to complete if you both are in agreement on the outcome.
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If you have been put in possession of the property through a judgment of succession, then an act of sale is appropriate or an act of donation would be too. If the property has not been distributed by a judgment of the Court and there are no debts with the value of the property less than $125,000, then you may proceed with a small succession; otherwise, an ordinary succession will have to be opened. You should check with an estate attorney in your area. Good luck.
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