What is the name of your state (only U.S. law)? Ohio
My sister and I inherited a small farm from my parents. They passed away 1997. We have used it as a rental property since then.
Typical situation I know, but I want to sell, she has said she does but keeps changing her mind. We were supposed to list it in February and now she tells me she wants to buy my half.
Petty, but I don't want to sell her my half, for selfish reasons I know. We've had it this long and I am afraid that the minute I sell to her someone will want to develop the 24 acres.
That aside, is there some kind of arrangement I could enter into with her..We do the deal, I sell to her with the condition of if that happens I retain a percentage of whatever proceeds there may be if she sells to a developer or whatever it may be?
If not, I will probably decide to sell to her anyway...but how should we handle this? Get it appraised and she just gives me half of the appraisal? Sometimes properties where I live anyway, sell for more than appraised value, although I've never understood how that could be.
Would we need a realtor to deal with this or we could do it through an attorney I imagine.
I have a condo that is a *shell* in an old factory that I want to improve and perhaps rent or live in. Could I use part of the proceeds from the sale of the farm and put towards the condo and then not have to pay so much capital gains tax? I already own the condo but I was going to get a loan to start developing it and if I sell the farm I won't have to.
I want to be fair to us both. I need to realize as much as possible from this sale. We are both near 70 and there's not a lot of time for financial mistakes.
Thanks!
My sister and I inherited a small farm from my parents. They passed away 1997. We have used it as a rental property since then.
Typical situation I know, but I want to sell, she has said she does but keeps changing her mind. We were supposed to list it in February and now she tells me she wants to buy my half.
Petty, but I don't want to sell her my half, for selfish reasons I know. We've had it this long and I am afraid that the minute I sell to her someone will want to develop the 24 acres.
That aside, is there some kind of arrangement I could enter into with her..We do the deal, I sell to her with the condition of if that happens I retain a percentage of whatever proceeds there may be if she sells to a developer or whatever it may be?
If not, I will probably decide to sell to her anyway...but how should we handle this? Get it appraised and she just gives me half of the appraisal? Sometimes properties where I live anyway, sell for more than appraised value, although I've never understood how that could be.
Would we need a realtor to deal with this or we could do it through an attorney I imagine.
I have a condo that is a *shell* in an old factory that I want to improve and perhaps rent or live in. Could I use part of the proceeds from the sale of the farm and put towards the condo and then not have to pay so much capital gains tax? I already own the condo but I was going to get a loan to start developing it and if I sell the farm I won't have to.
I want to be fair to us both. I need to realize as much as possible from this sale. We are both near 70 and there's not a lot of time for financial mistakes.
Thanks!
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