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50/50 ownership in home

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B

bigjer

Guest
What is the name of your state?What is the name of your state? Connecticut

My brother and I were left my parents home in 1996 and have 50/50 ownership. I had been living in the home taking care of the property for my parents because of an illness to my Father. Soon after he passed away, my Mother became ill and I remained in the home and not only took care of the property but also my Mother until I could no longer do so. She passed away in 1996 and I have remained in the home since then. My brother owns a home whith his wife and I am single. I was never asked to sell the home, pay rent on the home, or buy my brother out of his share. I have kept up all home repairs and have put alot of money and time into the interior and exterior landscaping. Now I have recieved a letter from a Lawyer stating that my brother wants me to buy him out or sell the home. The amount he is asking is way too high considering the house still needs thousands of dollars of work done before it could be sold. Can I be forced to sell or buy him out?
What are my options and where do I start?

Sincerely

Jerry Franklin
 


nextwife

Senior Member
Yes, he has every right to request this. You can get an attorney who will talk to his attorney about using a market value appraisal to establish a fair value for the property. An appraiser can be hired to determine the value of the house. This will take condition of property into consideration when a value is established.

It is not correct that a property that needs certain repairs must necessarilly have those repairs done prior to selling. I bought my house and paid to complete all the code compliance and other repairs myself, after closing (All I needed was an escrow to guaranty completion). The price we agreed upon merely deducted the cost of the repairs that were required.
 
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B

bigjer

Guest
reply to post

Thanks for the info. Can I deduct all monies I put into the house from any agreed upon price?
 

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