What are my rights if I am attempting to purchase my grandmother’s home from her estate?

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What are my rights if I am attempting to purchase my grandmother’s home from her estate?

I have lived in the home for 5 years and have been remodeling; I am purchasing it for $68,000. My bank suggested a gift of equity letter from the estate assuming the homes value to be in excess of $90,000. My father is the executor of the Will, and agreed to the gift of equity and to pay my closing costs through the sale of the home as a way to cover costs of needed maintenance. All parties involved are happy with the sale price, gift of equity, and payment of closing costs. The issue we are having is that the probate said she is not comfortable with gifts from an estate. She said an estate cannot gift equity or pay closing, bank says no problem. Who is right?

Asked on May 24, 2013 under Estate Planning, New York

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

The answer to your question is what does the Will of your grandmother say? If is allows gifting of equity then such can happen. If the Will is silent as to the gifting of equity then the probate court is correct in not allowing such.


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