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My brother, sister, mother and I inherited a house and

Customer Question
My brother, sister, mother...

My brother, sister, mother and I inherited a house and agreed to sell. We have a signed contract with a purchaser and have already spent the down payment. My mother and sister are dragging out the closing and trying to back out of the sale but my brother and I want to sell our share and get our payout. The purchaser has agreed to pay us in advance of closing. How can I draft a document for the same?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

The purchase and sale agreement for the entire property and a ZLDA have been recorded. The down payment has been spent

Lawyer's Assistant: Where is the house located?

Brooklyn NY

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The surrogate court already stipulated that it will be equal shares paid out but my mother, who is the adminstrator and my sister have said that they are going to keep my brother and my share of the income after closing so we want to get paid before they can do that. Also it has been under contract for 2 years

Submitted: 22 days ago.Category: Real Estate Law
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Answered in 11 minutes by:
4/1/2018
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 22 days ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 123,274
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

What are you asking from us, since legally we cannot draft any contracts for customers of this site, it is considered representation and that is forbidden by state law for any expert on this site?

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Customer reply replied 22 days ago
Can we legally get paid by the purchaser before the closing and what kind of document would we need to get drafted? Would my brother and I each need separate contracts for our separate shares?
Customer reply replied 22 days ago
I have a lawyer who can draft the documents for me here in New York, but I am having a hard time explaining what I want done and she bills for that explanation time
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 22 days ago

Thank you for your reply.

Okay, here is the problem, you can sell your shares of the house to the buyer only if you are tenants in common on the deed. If you are joint tenants or tenants by entirety you cannot sell off your shares of ownership. So, if you are tenants in common, then you and your brother can do a partial sale of your tenancy interests in the property to the buyer and it is up to the buyer to then pursue the other two tenants to buy their shares of interest out.

So, that is what you are looking to do, to sell your tenancy in common interests to the buyer. However, if the deed does not have you as tenants in common, you would not be able to do what you are seeking to do and would have to sue the other joint tenants to force them to sell based on breach of contract since they agreed to the sale and now are dragging it out.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 123,274
123,274 Satisfied Customers
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.

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