Do you have to rent a home that you are a part owner of in order to purchase it?

Get Legal Help Today

 Secured with SHA-256 Encryption

Do you have to rent a home that you are a part owner of in order to purchase it?

I am 1 out of 9 heirs to a home. Someone in the family passed away and left it to 9 people. I am trying to purchase the home. When this situation was brought to a mortgage company they stated it would be a conflict of interest to purchase the home and we must rent the home for 6 months. Is this true, and if so why. I have been unable to find any resource or documentation to back this up. Also, they said I would have to give my portion of the sale of the home to the estate as a gift of equity.

Asked on June 12, 2012 under Real Estate Law, Connecticut

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I think that you need to seek help from an attorney in your area.   I do not see how this could be  conflict of interest unless you are the executor and manipulating the estate.  The executor could still purchase but there needs to be full disclosure and documents signed to protect them from an claims of breach of fiduciary duty.  I would also put the ball back in their court and ask them for the statutes/laws that they are relying on.  Tell them your attorney wishes to review them.  Good luck. 


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 AttorneyPages.com 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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption