Years ago I was put on the deed to my mothers home while I was living in it. It was 50% each, tenants in common. My sister came in the picture and she was put on the deed. It was me 50%, mom and sister each 25%. In a family agreement notarized with all 3 parties in the event of death or severe illness I get to buy out my sister at fair market value. She does not get to by me out. My mother now has a severe illness and in a nursing home permanently. Due to that my sister has 50% now on the deed. My sister now wants to keep the house and she has no means to buy me out. My husband and I own a home and can buy her out easily. Would the notarized family agreement hold up in court if she refuses to let me buy her out?
I need to add that my sister is currently living in the house. I could easily move into it too.
Why not sell the house and take 50% of the proceeds and give her 50% of the proceeds? Sounds like she wants to live in 100% of the house for 50% of the cost.
This is a good anecdote for better estate planning.
Philip, I have 6 children in a 3 bedroom house right now. The other house i'm 50% with is 6 bedrooms, with a add on with separate kitchen living quarters. I have two disabled adult sons who get some nursing care. I really need the rooms and space for them LONG TERM.