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Buying House from Estate

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1sttimebuyer

Junior Member
Delaware

My mother recently passed away. She owned a home in which she still carried a small mortgage. There are 2 beneficiaries. My sister and I. We are both co-executors. I would like to purchase the house by paying off the current mortgage and then paying my sister out her half of the equity based on the price we were going to sell it for before I decided to purchase. She is agreeable to this. I'm not sure where to start. Does anyone have an idea of how to make this the most cost effective transfer? I will have to take out a mortgage to pay off her mortgage and to pay my sister out her equity.
 


LdiJ

Senior Member
Delaware

My mother recently passed away. She owned a home in which she still carried a small mortgage. There are 2 beneficiaries. My sister and I. We are both co-executors. I would like to purchase the house by paying off the current mortgage and then paying my sister out her half of the equity based on the price we were going to sell it for before I decided to purchase. She is agreeable to this. I'm not sure where to start. Does anyone have an idea of how to make this the most cost effective transfer? I will have to take out a mortgage to pay off her mortgage and to pay my sister out her equity.
In my personal opinion the best way to handle it is through a title company or real estate attorney...treating it as no different than any other sale of property.
 

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