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  1. #1
    Join Date
    Apr 2012
    Posts
    1

    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
    Location
    OH10
    Posts
    14,070

    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.
    With enough thrust, pigs fly just fine.
    You may believe that you understood what you think I said. I'm not sure you realize that what you heard is not what I meant.

  3. #3
    Join Date
    Jan 2006
    Posts
    27,122

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

    In whose name is the mortgage loan?

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