If a will states the house is to be split4 ways, can1 person take a loan on the house to buy out the others?

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If a will states the house is to be split4 ways, can1 person take a loan on the house to buy out the others?

Asked on July 21, 2011 Pennsylvania

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Yes, a beneficiary under a Will can sell their bequest (gift) if they so choose. That is unless there is some restriction on such a transfer made in the Will itself. You did not indicate that this is the case. Therefore, yes, the inherited property is freely transferable. If of course the other owners want to sell or sell at the price offered. If one or more do not choose to sell then an action in partition may become necessary. That is a legal remedy brought when co-owners of property cannot agree on ownership matters (e.g. the sale of the property). However, the end result would be much the same. The court would order that the property be sold. However, first the co-owners would be given the opportunity to buy-out the other co-owners for fair market value.


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