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Inheritance

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Ellesweena

Guest
I am one of 5 people who inherited 50% of a condominium in Boston, MA. I already owned the other 50% which gives me a 60% interest in the home.

I would like to stay in the home and want to know:

1. Is it necessary for me to purchase the home from the other beneficiaries or could their names be added to the deed.

2. If I do purchase the home, does the probate have to put the deed in all names prior to the sale or can it be done at the same time as the probate? Another explaination of this is that I am having a hard time getting a mortgage company to speakwith me regarding a mortgage (or refinance which is what I think is best), I am told to wait until probate closes.

3. If I decide not to sell and not to buy out the other beneficiaries, can I be forced to leave the home? (I have lived here for over 12 years)

You may gather that there is a family dispute going on here and any advice would be greatly appreciated.
 


L

loku

Guest
You can work out any plan you want as long as you all agree on what is done. For example, you could simply have all the names recorded on the deed and you could live there and pay rent to the others for their share. Or you could buy them all out.

However, if no agreement is reached, any one of them has a right to partition the property—the right to demand to be paid for his/her share or to have the property sold and the proceeds split according to ownership.
 

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