Profile picture for socasml

my parents died left house in a trust left my sister in charge of it

in will if house is sold i get 20%  of it can i take my 20%  and use as a down payment to buy it

  • June 18 2010 - Oceanside
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Answers (8)

It depends on a myriad of factors....most importantly, does the other person/people who own the remaining 80% want to sell to you? Is ther person or persons willing to hold a private mortgage on the property? Is there a mortgage on the property currently? Any other liens?

If you get along well with your sister, try to work out a private arrangement with a shared attorney. If not, you may want to get your own attorney.
  • June 20 2010
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Depending on the stage of the closing of the estate, it would have an attorney as well as your sister who is managing the trust.  Your first task is to discuss with your sister concerning your interest.  If both agree then work together with the estate attorney, or another attorney if the estate is already closed to simply do a land contract to purchase the property from the estate.  It would work no different than any other real estate transaction except there, depending on the state, would not need a disclosure addendum.  A lot depends on your relationship with your sister.  If there is friction, then hiring your own attorney would be in your best interest.  The final analysis is that regardless which avenue you pursue do not do it without an attorney.  I have actually experienced this in my own personal life. It does not need to be a big deal and can be accomplished very smoothly.  Good luck on your endeavor.
  • June 19 2010
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The best advise I can give is to check with an attorney who handles estate planning and family law.
  • June 19 2010
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I suggest you consul with your family attorney or find one that is familiar in these matter. A good CPA my also be a good source. .....Happy funding, Rudi
  • June 19 2010
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Profile picture for blue screen exile
In California, you don't want to do it that way (suggested by the original poster).  You want to take advantage of proposition 13 title transfers to family members to keep your property tax base from being re-assessed.

Instead, you want to have your sister transfer title into your name, and have a loan agreement where she is paid, or you pay her lump sum for her share, and you get a new mortgage on the property to pay her off (and other siblings).

If she is trustee for the trust, she likely already has the help of a lawyer anyway.  Make sure she asks the right questions to the lawyer.

If it is a living trust to spit the inheritance tax liability to double the maximum amount that is not taxed in the estate, in most cases after the second death the trust is to be dissolved after disbursement of the assets anyway, so she really would be acting more in the roll of an executor.

It is a lot of work, little thanks, and no benefit to be the trustee; but someone has to do it.
  • June 18 2010
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I'm not an attorney but what you might want to do is buy out the 80 percent interest that's held by the other parties. You would need to talk to a lender and attorney to determine if this is feasible. You would certainly save yourself some real estate fees (as well as other possible fees) if you were able to do it this way.
  • June 18 2010
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Profile picture for Ofe Polack
I suggest that you discuss your idea with your lender.  After you get pre-approved by the lender then you can approach the trust.  Is the house paid for?
  • June 18 2010
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I would suggest that you contact an Estate Atty about this matter as he/she will have the most accurate information for you.  good luck!
  • June 18 2010
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