Real Estate Matters
www.homeandrealtyguide.com • Saturday, June 25, 2010 • Reporter-Herald
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Q
uestion: My parents died and had a will in place. I would like to know what option we have to sell the assets of my parents’ estate and to divide the money among the siblings. They died over two years ago, but one of my siblings is living in the home rent-free while the other sibling has nothing. What can we do to sell the house or collect rent from the sibling living in the home? The person living in the home is the co-executor of the will. Answer: If you have asked the sibling to pay his or her share of the costs of living in the home and he or she refuses, you might only be left with fighting it out in court or deducting the costs of having lived in the home from whatever money that sibling gets from the sale of the home. When your parents were alive, they could decide whether a sibling could or should live in a home rent-free. But once they passed away, their estate owns the home and the estate decides how to handle the management of that property. While it may be difficult to charge the sibling rent, there may be a legal duty to pay for those expenses. You need to talk to an estate attorney to figure out what your options are. If you find out that you can sue your sibling, you will have to decide whether the costs of doing that outweigh the money the estate isn’t receiving from having that person live in the home. If you can’t sue or simply decide not to do so, then you might find out that you can force the sibling to get less from the sale of the home due to the costs of having him or her live in the home all this time. The key to your issue is whether your sibling is willing to sell the home. If your sibling is willing to sell the home and you are able to sell it, then the money from the sale can go to the estate and you can decide how to divide it. You’ll need to be careful, and you may need legal assistance. Since the will specifies that the proceeds from the sale of the home are to be split evenly, your sibling might try to do just that. You may need to have a court order in place stating that the proceeds will be split evenly after the expenses of the estate have been paid, including all of the expenses of owning the home. Those expenses would include the real estate brokerage commission and all the normal costs of selling a home, but also the costs of owning the home after your parents died such as real estate taxes, mortgage payments and other expenses. You may also have to allocate an imputed benefit obtained by the sibling having lived in the property and never having paid rent. An estate attorney should be helpful to you, and you should talk to one sooner rather than later.
Photos courtesy Oakwood Homes
The Thompson River Ranch community pool is a popular summer spot for community homeowners and their families.
Buyers looking for a complete package head to Thompson River Ranch
for your home to sell while being able to build a new home exactly how you want it. Not that you would have to wait long, though, because Oakwood Homes’ process allows you to build your custom home in only four-to-six months. You can tour all nine modPAID ADVERTORIAL Being so close to the Prom- els this weekend and get a enade Shops at Centerra has good feel for the community driven many people to while you’re there. Contact estled at Interstate-25 Thompson River Ranch as Dwayne Montoya or Mike and U.S. Highway 34, well. Literally minutes away is Welty at 970-669-9801 for yet still encompassing the shopping center with additional information on an open country feel, Thomp- dozens of stores and restauthese homes or the commuson River Ranch sold 15 rants, making it very convenity. You can find more inforhomes in the past month. Be- nient for residents of the mation on Thompson River ing able to enjoy a day out community but just far Ranch or start building and with the family in the comenough to stay in an openpersonalizing your own home munity’s parks, trails and country area. It may be hard today at www.Oakwood more while also getting to to imagine that without see- HomesCO.com. look for a new home has ing for yourself, but it does made the process an easy maintain that feel while bechoice for many now-homeing so close to major highowners. Nine models (15 ways and shopping areas. floor plans to choose from) Montoya is down to one to walk through ranging from quick move-in home due to the mid-$100s to mid-$200s the summer buying activity. gives plenty of choices for ev- “Many people love being able ery type of home buyer. to personalize their home “We have people come out from the ground up, but with their whole family bethere has been lots of desire cause they’ve seen the comto move in quickly over the munity and know it’s a great summer so we have one area which they can all enjoy quick move-in home available a full day here while also currently which won’t last looking at homes,” said the long.” That home is a twocommunity manager of story, 1,748 square-foot Thompson River Ranch, home with three bedrooms and two-and-a-half baths with Dwayne Montoya. “The pool is definitely the popular spot tons of extra features for $1,172 per month which can for community homeowners with the nice summer weath- be toured this weekend from er.” Combined with the play- 10 a.m.-6 p.m. ground, disc golf course, If you need time to sell The kitchen and great room of the Maxwell floor plan, one of nine Thompson River miles of trails and open your current home, building Ranch models open to tour this weekend. Above, a bridge over the river leads communispace, it’s a perfect outdoors a home from the ground up neighborhood. may be ideal — allowing time ty homeowners and families to the picnic shelter at Thompson River Ranch.
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