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Mississippi Property

My mother passed three years ago and my father passed just last year. There is property (house and land), but no will. How is the property divided in the state of MS. I have one sister who has no children and I have one child. I would like to buy her out of her share if I can. What's the best way of doing this? Do we have to get it appraised or just settle on a price we both think is fair and how is my son involved in this process..he is only 3 at this time. Is the remaining property to be split 3 ways because of him or is it still just between me and my sister. And at what point do I have to involve attorneys.

dipaligopale's picture
dipaligopale | Joined: May 25, 2010 09:29 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi claneej73,

Welcome to forum,

[quote:4ff1d4603d]Is the remaining property to be split 3 ways because of him or is it still just between me and my sister.[/quote:4ff1d4603d]

Property will be transferred to only you and your sister and it won't be transferred to your kid.later on you can transfer your property to your kid.

[quote:4ff1d4603d]I would like to buy her out of her share if I can.[/quote:4ff1d4603d]

First divide the property with the process of probate and later on deal for the property buyout from your sister can be carried out. Quitclaim deed is one of the easiest way to do it but you can also go for sale deed.

[quote:4ff1d4603d] Do we have to get it appraised or just settle on a price we both think[/quote:4ff1d4603d]
There is really no need to get it appraised, but if you think that your sister should get a true legal price of the property then you can go for appraisal.
But even mutual agreement will also do a good job.

[quote:4ff1d4603d]And at what point do I have to involve attorneys.[/quote:4ff1d4603d]

Right from beginning of the process of splitting the property you should involve attorney.

Feel free to ask any further query.
DIPA

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 03:04 | Post subject:

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