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co-owner - buying sister out after Dad passed away

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kittymobitty Guest	Posted: Mon Nov 08, 2010 2:47 am    Post subject: co-owner - buying sister out after Dad passed away Like 0 Dislike 0 I live in NJ - 4 yrs ago I sold my home & moved in with Dad to become his fulltime caregiver due to his poor health. I talked him into adding my sister & myself to the deed. I went to an Elderlawyer and my sister & I became 1/3 owners each - My Dad became a 'Lifelong' tenant. He just passed away. My sister doesn't want the house - just her share of the $$. She has never paid any of the taxes or upkeep. My Dad died & now we have to settle the estate & have started proceeding with a real estate lawyer. 2 yrs ago We had to replace the heating system, water heater & added central airconditioning. We tore up the rugs 2 yrs ago in livingroom & found severe termite damage & had to replace hardwood floors. We replaced all the appliances when we moved in as they were ancient & some didn't work. We put a laundry room on the 2nd floor to bring the house into the 21 century. This house is 106 years old & has been in our family for nearly 47 yrs. I am getting the house inspected & appraised & I am asking in this way because I feel that the improvements that me & my husband made will influence the 'value' of the home in favor of my sister who didn't invest a penny or even any sweat equity. I have all reciepts. Also, I want to know if there is any way we can purchase the house without closing costs. Thank You for your help. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Nov 08, 2010 3:07 pm    Post subject: Like 0 Dislike 0 Hi kittymobitty! Welcome to forums! The improvements that you've done to the property will definitely improve the property value. Your sister will be able to claim the 1/3rd value of the property as per the present property value as her name is mentioned on the property deed as one of the owners. You can purchase the house without paying any closing costs. The concept of closing cost will come if you wish you take out a mortgage or refinance your existing loan. Feel free to ask if you've further queries. Sussane

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