What to do if I what to be bought out of a summer home that I own with my 3 siblings?

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What to do if I what to be bought out of a summer home that I own with my 3 siblings?

My dad left me & my 3 siblings a vacation house. I would like to be bought out and have my name taken off the deed. We are getting appraisals so we know how much the house is worth. I do not use the summer home at all. My 2 siblings use the house for their vacations during the year. They paid the taxes and utilities. I feel I should not have to pay any of that if I am not using the house at all. Do I take into consideration the monies that they used to pay taxes and utilities in the last couple of years or should that have nothing to do with the price of the buyout?

Asked on August 29, 2012 under Real Estate Law, New Jersey

Answers:

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

Answered 8 years ago | Contributor

Your use of the property has nothing at all to do with your obligations for taxes and maintenance. Those come with ownership and you owna third of the house.  Utilities I can see an argument for either way.  If utilities are kept on year round for some reason then a reasonable amount is a good idea.  Not for the increased charges when it is occupied.  I think that you need to make a reasonable demand and then they will comply.  Good luck.  


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