Do you have to rent a home that you are a part owner of in order to purchase it?
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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 11 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.
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