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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 26378
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I have a question on joint ownership of a house with my

Customer Question

i have a question on joint ownership of a house with my parents. They were told that if one of us dies, then the other co-owners can only sell the house at the price of original purchase. Is this true?
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 10 months ago.

Good evening. Can you please clarify the question? I want to make sure I understand. Are you asking if the home needs to be sold to the original purchase price to a 3rd party who may want to buy it or if the other party wants to buy them out?

Customer: replied 10 months ago.
no, simply, if someone dies (one of us), will we be able to sell it at whatever price?
Expert:  RealEstateAnswer replied 10 months ago.
There is no law that says you need to sell for the original price. Only if all parties agreed to that would it control.
Customer: replied 10 months ago.
someone told us that. Even if my father say leaves a will? And by the way, Is a will necessary?
Customer: replied 10 months ago.
sorry at work and can't talk
Customer: replied 10 months ago.
but i can chat
Expert:  RealEstateAnswer replied 10 months ago.
It is always best to have a will so the property is distributed as the deceased desires. However it is not required. However if your father is the sole owner of the home and leaves it to you and others he can add a condition like that on it since it is his home and he can do as he wants
Customer: replied 10 months ago.
i guess to be more direct, does my father have to leave a will for anything? He is a bank account co-owned by my mother and a house co-owned by me and my mother. Nothing that he is a sole owner for.
Customer: replied 10 months ago.
regarding that real estate question, i was told that this is a state law, stupid but true. Do you have something to verify your statement?
Expert:  RealEstateAnswer replied 10 months ago.
No he does not. If he does not then the estate will be distributed according to the law and your mom will get what she is entitled to you then you and any other siblings. As far as the issue with being forced to sell the home for the original price I am not away of any law that says this. Whoever told you this can produce it and I would be happy to look at it
Customer: replied 10 months ago.
are you an xpert in MD real estate law?
i just told you that we are joint owners with him, so what is the law with regards distribution?
Expert:  RealEstateAnswer replied 10 months ago.
Is there any right of survivorship
Customer: replied 10 months ago.
i am not sure. How do i find this out?
Customer: replied 10 months ago.
if there is no right to survivorship, how is the distribution?
Expert:  RealEstateAnswer replied 10 months ago.
here is exactly how everything will be distributed under state lawhttp://registers.maryland.gov/main/publications/infoguide.html
Customer: replied 10 months ago.
please answer the other question. also, i don't understand all this. I need a simplistic summary please.
Expert:  RealEstateAnswer replied 10 months ago.
You need to look at the deed and how title is held.
Expert:  RealEstateAnswer replied 10 months ago.
Now if he dies without a will and it is you and your mom then Spouse and children (all adult) of the decedent-spouse receives $15,000 plus one-half of remaining estate-children divide balance (the interest of a predeceased child passes to issue of that child)
Customer: replied 10 months ago.
how can i see the deed?
Customer: replied 10 months ago.
i was able to see the deed, but it does not say this information. I have the online link if you want to review.http://sdat.dat.maryland.gov/RealProperty/Pages/default.aspx
Customer: replied 10 months ago.
also for some reason I am not even an owner on this page. I am sure i am a co-owner.
Expert:  RealEstateAnswer replied 10 months ago.

Do you have anything to evidence that?