4 siblings

[nlverrone]

What is the name of your state (only U.S. law)? Indiana
Me and 3 siblings purchased my parents home, with my mom being able to live
there until she died. She recently passed. My brother is now buying the home from us, does he get 1/4 of the purchased price?

 

[justalayman]

that is entirely up to you. You negotiate whatever you want but it makes no sense that he gets anything since he is buying out your shares and not actually purchasing the home.

how was the value of the home derived?

 

[nextwife]

that is entirely up to you. You negotiate whatever you want but it makes no sense that he gets anything since he is buying out your shares and not actually purchasing the home.

how was the value of the home derived?

All four bought the place? If so, and he is a one fourth owner, he only needs to now buy the remaining three fourths. He is purchasing the interests of the other three owners.

 

[anteater]

Just to clarify...

Was the brother purchasing the house one of "Me and 3 siblings" that purchased the property from your mother?

Or are you saying that the brother was not one of "Me and 3 siblings" and you are asking if he is still somehow entitled to inherit some ownership share from your mother?

 

[justalayman]

All four bought the place? If so, and he is a one fourth owner, he only needs to now buy the remaining three fourths. He is purchasing the interests of the other three owners.

yes, that is the basis of my statement. Was there something misleading in my statement?


anteater:

while your question is appropriate, the fact the OP is asking about 1/4 interest, it would make me believe there are only 4 siblings so I would think that the first part of your question is not applicable.

To the second part: obviously (to you and me) that too is not applicable as the mother no longer owns any interest in the home and as such, there is nothing to inherit from mom (at least regarding the house)


and also to nlverrone:

there is nothing that says that each of the siblings must agree to accept the same payment for their share. While how it is typically done: market value is determined, divided by number of co-owners (if owning equal shares) and the buyer pays that amount to each of the selling owners; there is nothing requiring any of you to accept any particular amount for your share. You can donate it to brother or you can demand twice market value if you want. It is entirely up to you (unless a court action called partition, is involved. Then the whole thing changes)

 

[anteater]

anteater:

while your question is appropriate, the fact the OP is asking about 1/4 interest, it would make me believe there are only 4 siblings so I would think that the first part of your question is not applicable.

To the second part: obviously (to you and me) that too is not applicable as the mother no longer owns any interest in the home and as such, there is nothing to inherit from mom (at least regarding the house)

I agree... But, the more I looked at the question, the odder it seemed. So, I just thought that asking for clarification would be good.