My dad recently passed away and in the will it is stated that my brother is the executor and the home and other property are to be divided equally. I would like to buy out my brothers' shares in the home. The home is and has been totally paid for for years and there are no liens outstanding... Oh, I am in TX.
State/Country relating to question: United States
What is your actual legal question for us today?
How do I go about buying out my brothers' shares of the home...is there a specific type of loan for such thing?
You would take a regular mortgage and you would buy the home for whatever price the executor and you and your brothers agree upon and they would set a price minus your equal share. For example, if you agree on a total sales price of $100,000 and there are 3 of you, then you would pay about $66,666 ($33,333 to each of your two brothers). You all have to decide how much each of them wants for the house and you would have the executor set the sale price for the total amount including your share because you would want the higher price for your tax basis in case you later want to sell that would reduce your capital gains.
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