Home Buying in Farmingdale>Question Details

Debbussin, Home Buyer in Farmingdale, NY

I'm buying out my siblings from our parents home. One sibling brought in a realtor. Do I have to pay the realtor? I never signed any

Asked by Debbussin, Farmingdale, NY Thu Mar 18, 2010

paperwork?

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If you are buying your siblings out you don't need an agent, your attorney can handle all the related paperwork for the sale--why was the agent brought in to begin with, I wonder--were you given/shown comps? Your attorney can advise you best, but no, you don't have to pay the agent.
1 vote Thank Flag Link Fri Mar 19, 2010
Any agent will do a price opinion for free in the hopes of possibly assisting in the sale of the property. Obviously thats not going to happen in this case , but how are you determining the value of the property to pay off your siblings ? Prudence would ask that someone gets a CORRECT pricing of the house value so that everyone gets a FAIR price and believe me thats what is important for everyone . So if you didnt sign anything and all of you own the property then you wont be liable for any payment to anyone .
I also want to say that it is in your best interest to get a correct opinion on the value since if you ever want to get a mortgage on the property , you would have to work with what the BANK thinks the property is worth , and if it is wildly different from what you paid your siblings , someone will be upset !
Anyway , good luck with your deal , get a fair price on the house - agree with your siblings - then go to a lawyer .
1 vote Thank Flag Link Sun Mar 21, 2010
I have been paying taxes on the family house for the last eighteen years,what are my rights do i still having to pay my siblings out.
0 votes Thank Flag Link Tue Jun 26, 2012
First, who is currently in title to the premises? Only those on title (barring delegation of authority by Power of Attorney and so forth) can list a property with a realtor. If this sibling has title or a portion thereof to the premises, he might be obligated to pay any fee that he agreed to with the realtor but he cannot bind you.

Be very careful and make sure that this is a sale and not a gift because I would strongly suggest getting title insurance in this case. Most title companies will not issue a title insurance policy on a gift transfer - there must be a sale.

There are also special mortgage programs for family transfer/sales, as indicated by the loan officer from Continental Home Loans. Make sure you structure the transaction carefully with both the aid of a real estate lawyer and a mortgage professional.

Good luck!
0 votes Thank Flag Link Wed Mar 24, 2010
I could be worth having one or more opinions on the value of the property. For you and your siblings. As a buyer just assure that the right paperwork is addressed in this process. You/your siblings could leverage a Realtor in this process or hire an attorney. In any event you'll also need to agree on who will pay these costs.
0 votes Thank Flag Link Fri Mar 19, 2010
Debbussin:

I don't know why your sibling in bring in a realtor. The property is not being listed to sell to the public and you don't need a realtor to purchase it so??? You do need an attorney to make sure the documents are in order. Your attorney will also acquire title insurance for you. If you need to get a mortgage to buy her out and you would like a free consultation, you can give me a call. There are certain financial privileges may be available when buying a home from a family member.
All The Best
Elaine Stroman
Continental Home loans
estroman@cccmtg.com
0 votes Thank Flag Link Fri Mar 19, 2010
What exactly do you mean when you say that they brought in a realtor. Brought in realtor to do what? To sell the house? To give you a price opinion? Did they sign anything? What did they sign? To answer your question correctky - you need to provide more information. Call one of the people that responded & ask them your question after you give them more information.
0 votes Thank Flag Link Fri Mar 19, 2010
I would have to agree with Dan on this one but I am not sure as to the full extent of your situation. It really depends on the contract between the realtor and your sibling and how the deal is structured that you are buying them out of. In our state a realtor has to have some documentation that someone is going to pay them or else it is not really enforceable. I don't see how you could be held responsible for paying the realtor as long as you have not signed anything. I also am not sure what a realtor has to do with the situation if it is you buying out a siblings interest on a property that you both have interest in. Personally I would have an attorney and a title company handling it for me, but once again I really don't know your situation in full.
0 votes Thank Flag Link Thu Mar 18, 2010
It probably depends on a number of factors - Who owns the home? Did your sister have the authority to sign the papers? What exactly did she sign? Were there any exclusions in the contract? etc.

This is not an easily answered question without all the facts.

Sorry.

Donna
0 votes Thank Flag Link Thu Mar 18, 2010
I would not think so. Your sibling could have a responsibility to pay them. If you do not ask for their help I can not see how they could expect you to pay them.
0 votes Thank Flag Link Thu Mar 18, 2010
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