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house and land inheritance split

 
 
Reply Sun 15 Dec, 2013 01:38 pm
My brother and I inherited 76 acres with house in Tennessee from our father who expired 5 years ago. He wrote in his will that we were to split the property 50/50. My brother is living on the property and I live in California. The property is free and clear with no mortgage and I want to get my 50% out of it. I, being in california and could use the money, think my brother should refinance the property to pay me, then I would grant deed my portion over to him. Is this unreasonable?
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Type: Question • Score: 3 • Views: 899 • Replies: 5
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PUNKEY
 
  1  
Reply Sun 15 Dec, 2013 02:15 pm
@jimmyruss,
You probably could use a lawyer's input, but here's what I would do:

To answer your question: Yes. It is reasonable for a split. But it might get complicated.

An appraisal of the property should have been done as soon as you inherited it, but anyway, get an appraisal now of the entire property.

Then deduct the time and effort your brother has spent taking care of this property, including repairs, taxes, etc. or any other expenses he has accrued.

Figure out what the rental would be on the house and consider that as his part of the inheritance.

Do the math and either sell it all and split or he should buy you out. (With the economy as it is, perhaps him paying you in installments could be arranged. That may be the only way you can get your money, now.)
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jcboy
 
  1  
Reply Sun 15 Dec, 2013 02:26 pm
Yep talk to a lawyer. My father did that with some property in Big Bear, CA. Left it to me and his brother 50/50, I didn’t want anything to do with it so I asked him to buy me out, when he refused I told him I was going to sell off my share and he quickly changed his mind.
chai2
 
  1  
Reply Sun 15 Dec, 2013 02:37 pm
@jcboy,
jcboy wrote:

I didn’t want anything to do with it so I asked him to buy me out, when he refused I told him I was going to sell off my share and he quickly changed his mind.


heh.

you called his bluff.
jcboy
 
  1  
Reply Sun 15 Dec, 2013 02:43 pm
@chai2,
Yeah I did, can’t stand the man to this day, greedy man! It was a cabin on ten acres, it was rented out most of the time but my father had it two weeks out of the year. Well I didn’t want any business venture with my uncle and when he told me he wouldn’t buy me out I went to a lawyer and the lawyer sent my uncle a letter letting him know I would be listing my share of the property, that’s when he decided to buy me out.
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bankruptcycenter
 
  1  
Reply Wed 29 Jan, 2014 11:19 pm
talk to a lawyer to resolve this. Don't waste time on this....
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