Estate Law

Estate Law Questions? Ask an Estate Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Estate Law

I own a home with my mother 50/50 - both names on the title.

Customer Question
We took out a 200K...
I own a home with my mother 50/50 - both names on the title. We took out a 200K 15 year mortgage and owe 22K on the loan. the current Zillow estimated appraisal value is 420K
She is suddenly demanding that buy her out at the current record high property values due to guidance from a financial advisor.
For the past 15 years I have been told that I could live here the rest of my life and once the mortgage debt was paid, I could pay her and then take the remainder out of my inheritance, but there is no documentation of this. Evidently this is no longer what she wants to do. (My parents do not need the money, it will go into a trust that will eventually be split among myself and four siblings.
Had I known this could occur I would have refinanced long ago before the valuation of the property had doubled. How do I know what a fair payment to her would be if I am not moving and there is no actual realized gain?
I am 55 and do not feel it is fair for me to take out another 30 year mortgage to repay her half along with an arbitrary profit.
What should I do?
Submitted: 1 year ago.Category: Estate Law
Show More
Show Less
Ask Your Own Estate Law Question
Answered in 7 minutes by:
4/14/2016
Estate Lawyer: Ely, Counselor at Law replied 1 year ago
Ely
Ely, Counselor at Law
Category: Estate Law
Satisfied Customers: 102,687
Experience: Fully licensed attorney in Texas in private practice.
Verified
Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms. I am sorry to hear about this situation. Do understand that someone in your situation is under no mandate to actually buy her out. However if you do, there is no "set" amount what would be "ultimately" fair - this is subjective. It is like buying a car - there is no real price and everything - Bluebook included - is only suggestive. In the end it is what the two of you decide. There are three ways to this. 1) Hire a special expert to appraise the value (Zillow is only an estimate) and then agree privately to a lump sum or a piecemeal buyout. She has to agree to this.2) Go to private arbitration/mediation, which is then binding. Then, the arbiter/mediator decides how to do this and what is fair. She has to agree to this.3) File for a partition. She does not have to agree to this, but it is a threat that can be used if she does not agree to one of the two above. A partition is a suit where the parties cannot agree what to do with the property, so the Court decides for them. The Judge may order one party to buy the other out piecemeal or over time, or simply order the property sold and proceeds split 50% each. A threat of expensive litigation that would achieve more or less that #1 or #2 would achieve may have her agree to either #1 or #2 to stave off a lawsuit. The agreement may have in it stipulations that if something should happen to you, your interest would be conveyed to a trust or a third party, etc. This is not uncommon. You may wish to also file an instrument with the county stating this upon reaching an agreement. I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.
Ask Your Own Estate Law Question
Ask Ely Your Own Question
Ely
Ely
Ely, Counselor at Law
Category: Estate Law
Satisfied Customers: 102,687
102,687 Satisfied Customers
Experience: Fully licensed attorney in Texas in private practice.

Ely is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns.

Loretta TIllinois

Thanks Adam!! - A very direct and understandable response - you have been a great help!

Happy CustomerEllicott City, MD

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Thomas McJD

Thomas McJD

Attorney

3,170 satisfied customers

Wills, Trusts, Probate & other Estate Matters

Barrister

Barrister

Attorney

5,414 satisfied customers

17 yrs estate law, real estate. Wills/Trusts/Probate

RayAnswers

RayAnswers

Attorney

5,061 satisfied customers

Texas lawyer for 30 years in Estate law

Infolawyer

Infolawyer

Attorney

5,015 satisfied customers

Licensed attorney helping individuals and businesses.

Ely

Ely

Counselor at Law

102,687 satisfied customers

Fully licensed attorney in Texas in private practice.

RobertJDFL

RobertJDFL

Attorney

1,451 satisfied customers

Experienced in multiple areas of the law.

ScottyMacEsq

ScottyMacEsq

Attorney

1,162 satisfied customers

Licensed Texas General Practice Attorney

< Previous | Next >

Related Estate Law Questions
Last month my best friend and the women I was working for as
Last month my best friend and the women I was working for as a caregiver died. She had put her daughter-in- on all of her accounts to avoid paying taxes. Her death was so unexpected she had no time to… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,414 satisfied customers
Help my sisters just told me that they are not going by my
please help my sisters just told me that they are not going by my moms Will, can you help me … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I purchased a house with my sister. We are not getting
I purchased a house with my sister. We are not getting along, I think she needs to pay more and she thinks I should pay more. She's not willing to pay what I believe is her fair share and she's not wi… read more
Amber E.
Amber E.
Lawyer
Doctoral Degree
1,424 satisfied customers
Here is my situation. My grandmother's will listed my dad as
Hi,Here is my situation. My grandmother's will listed my dad as an heir, however, he passed at age 38 before my grandmother. The will is terms as “Per Capita and not Per Stirpes”, therefore it appears… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,414 satisfied customers
My husband died and never changed his beneficiary. He left
My husband died and never changed his beneficiary. He left everything to his sister even though we were together. She received his employment retirement the life insurance and the survivors benefits! … read more
Infolawyer
Infolawyer
Attorney
Doctoral Degree
5,015 satisfied customers
My wife is the Administrator of an Estate in PA, she has
My wife is the Administrator of an Estate in PA, she has four sisters - but one is is mentally handicapped and has been in a State Institution since she was five. Her Mom died with no will. Can the St… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,414 satisfied customers
My dad lived with his sister for three years. He just died
My dad lived with his sister for three years. He just died and is still married to my mom. Are me and my mom entitled to his ashes? … read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
34,897 satisfied customers
In California, is the Trustee required to provide the trust
In California, is the Trustee required to provide the trust documents to beneficiaries after the death of the person who created the trust? … read more
Roy Hadavi
Roy Hadavi
Attorney
Juris Doctorate
886 satisfied customers
Own two houses jointly with Ex. We split taxes and interest
Own two houses jointly with Ex. We split taxes and interest on tax returns. Recently received a joint escrow refund check. Are there any conditions concerning who gets the cash?… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
34,897 satisfied customers
My Dad passed away leaving a Will and Living Trust. HIs
My Dad passed away leaving a Will and Living Trust. HIs lawyers are now his third wife's advisors. I was advised to get my own attorney if I was to contest my Dad's living trust. The will part cannot … read more
Attyadvisor
Attyadvisor
Doctoral Degree
6,878 satisfied customers
I just received a partial distribution of an inheritance but
I just received a partial distribution of an inheritance but there is nothing on the check that says "Partial". The note attached says that this is personal income & I will receive 1099. … read more
LegalGems
LegalGems
Juris Doctorate
10,163 satisfied customers
I have a savings account of approx. 1000K. My parents have
I have a savings account of approx. 1000K. My parents have made the document “payable upon their death” before I can receive it. Both parents are very ill, dementia and Parkinson's's disease respectiv… read more
LegalGems
LegalGems
Juris Doctorate
10,163 satisfied customers
Estate question. I am an Executor of an Estate. The person
Estate question. I am an Executor of an Estate. The person who's Estate I am administering was in the middle of administering her husband's estate with the assistance of her lawyer, when the Executor … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Are there any laws that specifically address the thief of
Are there any laws that specifically address the thief of real estate or other assets owned by a public entity, such as a California non-profit public benefit corporation.… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,061 satisfied customers
I am an executor of a trust. I have sent checks to all
I am an executor of a trust. I have sent checks to all recipients via certified mail with signatures returned to me. One recipient did not cash the checks. The first one was sent in 2012 the second wa… read more
jb156200
jb156200
Associate Attorney
Doctoral Degree
414 satisfied customers
I Need help with getting some estate documents my father
I Need help with getting some estate documents my father pass on 9 14 2017 … read more
Ely
Ely
Counselor at Law
102,687 satisfied customers
I had a question about an annuity my parents own. My parents
I had a question about an annuity my parents own. My parents are older but in good health and are starting to explain to myself what they have and where they have it and so on. Anyway, most of their a… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,061 satisfied customers
My Grandmother had 2 Children they grew up to have their own
My Grandmother had 2 Children they grew up to have their own family. Daughter #1 Has 6 kids. #2 has 1. My mom #1 doed at 59. When my Grandma died … read more
LegalGems
LegalGems
Juris Doctorate
10,163 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x