one sibling has decided to purchase the house
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one sibling has decided to purchase the house
There are six siblings, the will instructs to divide all assets equally among them.
Now, one sibling stepped forward and is purchasing the house. Does that
sibling get equal distribution of money from the sale of the house that they
purchased? It’s like getting money back for purchasing the house.
Asked on June 30, 2019 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
Yes, he does get a share of the price he paid, because he is entitled to a share of the house.
Example: a fair price for the house, expecially given that it is a private sale without the need to market it or pay a realtor, is $180k. Each sibling is entilted to 1/6th of that, or $30k. If it was sold in a similar private sale to someone else (a neighbor, a friend of the family, a contractor who wants to flip it, etc.) each sibling would get his or her $30k.
In this case, buying sibling pays the $180k. That is then divided 6 ways and each sibling, including the buyer, gets $30k--the exact same as if the house were sold to a third party. If the money were only divided among the non-buyiner siblings, each of them gets $36k--more than their 1/6th share--and the buyer gets nothing. That's why you have to let the buyer have his share.
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