1 sibling purchases parents property (1 parent still living), is she still entitled to her share of selling price when parent passes?

Asked by Raven, San Antonio, TX Thu Jun 16, 2011

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Paul Miller, Agent, Bradford, MA
Fri Jun 17, 2011
Hi Raven,
As I understand the question, there are two things going on here; the sale of a home, and the estate of the parent. As far as the first part goes, once the house is sold to the sibling there is no part of it left for the remaining sibling. The remaining sibling may be entitled to proceeds from the house and other assets, but that is probably a question for an attorney.
Best of Luck!
0 votes
Dennis J. Zi…, Agent, Camden, NJ
Fri Jun 17, 2011
Your question really isn't all that clear, but rather than overcomplicating things, I'll assume that the one sibbling has already purchased the home from the surviving parent, in which case distribution of any "share of selling price" is irrevelant.

Dennis J. Zisa
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Scott Wade, , Cherry Hill, NJ
Thu Jun 16, 2011
Raven,

If 1 sibling purchased the property from the surving parent and the parent is no longer on the deed then the property is 100% the purchasing sibling. Since NJ is a marital state, your parents would have held title jointly, so when the surving parent sold the sibling the property, they relinquished their rights to the property. There may be legal issues if the property was sold before the deceased parent's estate had gone through the proper probate. If you are having ownership issues then I would recommend speaking to a reputable title company or attorney. Please feel free to email me at scott.wade@century21.com, if you have an other questions.
0 votes
Larry Sarlo, Agent, North Wildwood, NJ
Thu Jun 16, 2011
It almost sounds like the sibling and parent own the property together. parent and child own together! You question is not real clear. If yes

Then each are entitled to half of the selling price of the home. If child purchased the home from the parent and the parent is not on the deed, then just the child is entitled to the selling price.

Look at the deed. If both parent and child are on the deed(and nobody else) then both are entitled to half the proceeds. If only one person on the deed then only that person is entitled to the proceeds. Look here to see if they are on the deed http://bit.ly/loEgIn This will not let you look how the deed is written but will allow you to see who is on the deed showing ownership.

Now another questions comes to me from yours.... You mentioned a parent died... How does the deed read? "Tenancy in common" "Tenancy in entirety" "Joint Tenancy" and is their any mention of "right of survivorship" You will need to look at the actual deed for this.

Let us know what the deed says and we can answer you better

Larry Sarlo
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LSArlo@comcast.net

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0 votes
Joe Montenig…, Agent, Sewell, NJ
Thu Jun 16, 2011
You need to rephrase the question for clarity.....

The sibling who purchased the property owns it 100% so there is no "share" ... the passing of the parent is irrelevant.... the parent gets the proceeds of the sale to the sibling and can spend it, save it or whatever.

I hope that's helpful... if so, click the "thumbs up" below

Joe
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Alex Kushnir, Agent, Monmouth, IL
Thu Jun 16, 2011
You are better off to talk to attorney.

I don't think one should buy something they expect to inherit. However, in layman's terms, for example If property's value is, let say, $100K and one out of three siblings bought it for $100K AND became sole owner of that house AND money went to parent(s) , I think, other siblings won't be entitled to anything. If that person paid less than 100% to parents, than it looks like sort of a reverse mortgage: when property is sold, that person must get what was already paid plus reasonable interest. The remaining amount should be split between all siblings according to the will.

Again, please consult attorney, as I am not one and cannot give out legal advice.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Jun 16, 2011
Without much information, for any legal advice needed consult with an attorney--If your sibling has full and sole ownership, the proceeds of the sale are entirely hers...
0 votes
Jodi Schwarzl, Agent, Cherry Hill, NJ
Thu Jun 16, 2011
This is a great question for an accountant. I recommend calling Craig Stoopler 856-751-4244. He's my accountant and very knowledgeable. Please remember me to your friends and family when they are ready to buy or sell Real Estate. Also if you need anything else just call me 856-857-2817. Good Luck Jodi Schwarzl
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