Posted on: 14th Jun, 2011 08:06 am
I am the owner of a house with sister and brother, The deed is in all 3 names, When we sell the house, Is there 3 checks that are divide to each of us, Or is it made out in one check in all of our names?
Our sister thinks she should get more money, and if divide in 3 it keeps trouble down
Our sister thinks she should get more money, and if divide in 3 it keeps trouble down
When you sell the house and involve an escrow agent, all the proceeds will be directed to the appropriate parties. If you all own an equal 33% share, then you will only receive that amount of the sale proceeds. Taxes will get paid, any commissions, escrow and title fees, then the remaining proceeds will get divided up among owners.
>>I am the owner of a house with sister and brother, The deed is in all 3 names
Then all 3 of you own the home, not just you.
>>When we sell the house, Is there 3 checks that are divide to each of us, Or is it made out in one check in all of our names?
>>That's up to the 3 of you. You'll need to tell your Escrow Officer how many checks you'll need, and how much money will be on each check.
>>Our sister thinks she should get more money, and if divide in 3 it keeps trouble down.
This needs to be decided upon prior to the checks being distributed. There will be a Will or Living Trust that determines who gets what. If neither of those existed at time of death, you'll need to Probate the Estate, and the Probate process will determine who gets what and how much.
Then all 3 of you own the home, not just you.
>>When we sell the house, Is there 3 checks that are divide to each of us, Or is it made out in one check in all of our names?
>>That's up to the 3 of you. You'll need to tell your Escrow Officer how many checks you'll need, and how much money will be on each check.
>>Our sister thinks she should get more money, and if divide in 3 it keeps trouble down.
This needs to be decided upon prior to the checks being distributed. There will be a Will or Living Trust that determines who gets what. If neither of those existed at time of death, you'll need to Probate the Estate, and the Probate process will determine who gets what and how much.
