If a Trust that my parents set up ends in 5 months and at that time the house will be turned over to my brother and I, can I make him buy me out?
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If a Trust that my parents set up ends in 5 months and at that time the house will be turned over to my brother and I, can I make him buy me out?
Once we both own the house, so I have no recourse do I? I can’t have him evicted since he owns half. He could just stay ther, and I would have to pay for half of the expenses. Is there a way I could make him buy me out for fair market value? He says if he buys me out, he is taking off 6%, because we didn’t have to hire a real estate agent. lol. Anyway. I am worried. I don’t have this kind of money. He has lived there for free for 4 years and the trust won’t do anything. I just want my fair share. Nothing more.
Asked on July 22, 2012 under Real Estate Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Then maybe you need to speak with an attorney. If the trustee has not been charging him rent in one way or another - like paying the insurance or for repairs - then he or she could be seen to have breached their fiduciary duty to you. You have the same rights as he does and that is possibly your bargaining tool here. You can also speak with the attorney about what is called an action for partition, which asks the court to take jointly owned property and divide it in two. With real property the courts order a sale and the proceeds split equally between the parties. But you should have a set off for the money that should have been coming in to the trust from the "rental" of the property. Good luck.
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