Hi,
My Mother recently passed away, and left my brother and I the family home. My brother would like to keep the house and live in it. He wants to buy out my portion of the house, but probably cant afford right now, to pay me the full amount.
Is ways are there for him to pay me a portion of my share of the house, say 1/4 of the appraised value, and for the remaining 1/4 to be documented as my share that he can buy from me at a later date?
Will this be a Cash Value equal to the its value at the date of the appraisal? or will it be a Percentage of the Value of the home at the date he decides to buy the final share from me?
Any help with terminology, or procedures would be greatly appreciated.
Thanks
b^2
My Mother recently passed away, and left my brother and I the family home. My brother would like to keep the house and live in it. He wants to buy out my portion of the house, but probably cant afford right now, to pay me the full amount.
Is ways are there for him to pay me a portion of my share of the house, say 1/4 of the appraised value, and for the remaining 1/4 to be documented as my share that he can buy from me at a later date?
Will this be a Cash Value equal to the its value at the date of the appraisal? or will it be a Percentage of the Value of the home at the date he decides to buy the final share from me?
Any help with terminology, or procedures would be greatly appreciated.
Thanks
b^2
