I will be buying out my sister to acquire my Dad's (passed) home. Also do I have to wait to renovate until everything is settled? My sister and I are both in agreement.
I would. We see agreements with relatives go South here every day. That isn't YOU I am speaking of, but just saying that in general, nothing is as divisive in families as money.
I am assuming that this home was left in trust to the siblings equally, and that you are buying out your sister's share in the home. Yes, do get a realtor to handle this. Well worth the fee to see it done right with all the i's dotted and all the t's crossed. That is for the best.
Happy home to you. Make your plans for renovations, and complete them when the deal is signed. Wishing you much happiness in your new home.
I agree to not do anything with the house until you 100% own it and your name is on the deed. If you or any contractors are doing work on it and there's an accident, then the homeowner is liable. If that's your sister, she wouldn't want this risk. Or, you'd have to work out who is going to pay the homeowner's insurance during construction, who will pay for "problems", etc. It's not a headache worth having.
I am going to answer one part of your question.... Do NOT do anything to the house until YOUR name is on the title (what I mean is the sale is completed and you legally have possession) I would not make a purchase like this without an attorney.
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We see agreements with relatives go South here every day.
That isn't YOU I am speaking of, but just saying that in general, nothing is as divisive in families as money.
I am assuming that this home was left in trust to the siblings equally, and that you are buying out your sister's share in the home.
Yes, do get a realtor to handle this.
Well worth the fee to see it done right with all the i's dotted and all the t's crossed. That is for the best.
Happy home to you. Make your plans for renovations, and complete them when the deal is signed. Wishing you much happiness in your new home.
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Were you meaning to post under Alzheimer’s &Dememtia?
Assuming you are seniors, if the property is not being sold for fair market value it might be relevant in your futures.
Do NOT do anything to the house until YOUR name is on the title (what I mean is the sale is completed and you legally have possession)
I would not make a purchase like this without an attorney.