How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask LegalGems Your Own Question
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 9965
Experience:  Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
Type Your Estate Law Question Here...
LegalGems is online now
A new question is answered every 9 seconds

My husband owns 1/3 of a property (empty lot), 1/3 is owned

Customer Question

My husband owns 1/3 of a property (empty lot), 1/3 is owned by his brother, and 1/3 by his mother's estate - he is a 16% beneficiary in her estate. We want to buy the property, and the Executor tells us that we have to pay full price, and that the 1/3 + 16% of the estate part will come back to him when the estate closes. Is this correct? It would seem that they should reduce the sales price by 1/3 as he is a part owner.
Thanks for the help!
Submitted: 1 year ago.
Category: Estate Law
Expert:  LegalGems replied 1 year ago.

A few minutes please as I review this.

Expert:  LegalGems replied 1 year ago.

Thank you for your patience.

No that is not necessary because, as stated in Burlerson v. Whaley, the policy of the court is to facilitate closure of the estate with as little delay as possible.

Requiring an heir to come up with the money to purchase what they essentially own is contra indicative of that.

Rather, the heir choosing to buy out the others would either provide a check directly to the executor or the heirs (depending on the contract terms as negotiated between the estate attorney and the heirs). Often times, for larger estates, the heirs will agree to a redistribution- for example, the heir keeping the real property will sign over their interest in bank accounts and other property, until a fair balance is reached.

Once the contract specifies who is to pay what, the executor executes a distribution deed to the heir retaining the property; the accounting would have the required paper trail and accounting information indicating the transfer and buyout.

Some heirs need to get financing (estate loan or inheritance advance loan) before effectuating the buy out.

Expert:  LegalGems replied 1 year ago.

Texas is unique and offers a simpler solution:

an owelty of partition.

This allows the heir wishing to purchase the property to use 100% of the other's interest as collateral.

There is more information on this here:

Expert:  LegalGems replied 1 year ago.

This can help familiarize with the process of probate:

Please post additional questions for clarification. If I have Answered your question, Please be kind enough to leave a positive rating for my assistance. This will not cost extra because of your deposit with JustAnswer, but without a positive rating, JustAnswer will not give me credit for assisting you. All information is for educational purposes only. A personal attorney can be retained to give specific legal advice.

Related Estate Law Questions