If my 4 siblings and I own a summer home and I want to be bought out, how do I go about it?

What if they do not want to buy us out, what options do we have? What ever amount we agree upon for the price, can we do a deed transfer for $1? Does my husband have to pay tax on the money received from his share of the house?Can the check for his share of the house be put into one of my children’s name, and if so do the children have to pay taxes. I have an appraisal of 275K, siblings got an appraisl of 175K.

Asked on August 17, 2012 under Real Estate Law, New Jersey

Answers:

John Ducey / Law Offices of John G. Ducey,PC

Answered 8 years ago | Contributor

You need to file in chancery for a dissolution of the partnership by forcing a slae of the house. If the siblings want it they will be forced to buy you out.  The Judge will decide what value the house has unless a settlement can be reached as to the value.  Deed transfer for $1 would mean you are only getting a $1 unless you plan on committing fraud.  


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