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  1. #1
    Join Date
    Apr 2012

    Default Three Owners, Two Want to Sell to Third Owner

    My question involves real estate located in the State of: RI
    I own a home in RI with my brother and sister. My sister and I want to sell the home and my brother said he'd buy us out.
    My first question is, is there a form for this type of sale?
    Second, there is still a mortgage on the home. Does my brother have to pay off the mortgage before paying my sister and me?
    My brother is in the process of trying to secure a new mortgage if for some reason he can't get one and decides he's not buying us out, how would my sister and I go about getting out of the ownership of the home?

  2. #2
    Join Date
    Sep 2011

    Default Re: Three Owners, Two Want to Sell to Third Owner

    You can have a contract drawn up by a real estate attorney. Liability for the mortgage, depends on who is listed on the mortgage. In general, unless your brother is solely listed on the mortgage, he will need to get another one and pay off this one, unless other listed people agree to continuity of liability. If he cannot swing the deal and refuses to sell to another person, you will need a court order, forcing the sale of the property, unless you can find a buyer willing to only buy your interest.
    Teach a man to fish, you feed a village. Give a man a fish, the ever growing village demands free fish. We will now spend trillions on social services and SSI for people who don't know how to fish.

  3. #3
    Join Date
    Jan 2006

    Default Re: Three Owners, Two Want to Sell to Third Owner

    In whose name is the mortgage loan?

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