If a will states the house is to be split4 ways, can1 person take a loan on the house to buy out the others?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 12 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.
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.