Buying out a family member.

UPDATED: Oct 1, 2022

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Buying out a family member.

Buying out my brother who is part owner of family home. The loan is in my name. My sister and brother live there. Is it legal to give him the money that He put

in so far as a buy out. His name is on the deed but not the loan.

Asked on September 10, 2018 under Real Estate Law, Wisconsin


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

There is no "law" about buying out a family member other than to say that it is legal to do so AND that any buy-out must be voluntary for both sides. You can't force him to sell his interest to you, unless you had a written agreement or contract with him requiring him to do so; he can choose to sell out, but equally can choose to not sell out. You and he need to work this out between you; whatever price or amount you are willing to pay and he is willing to take is legal.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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