If I have the first option to buy my late parents’ house, what are my rights to move in prior to closing?
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If I have the first option to buy my late parents’ house, what are my rights to move in prior to closing?
Both my parents recently passed away and my sibling and I are co-executors of the estate. In the Will it states that I have first option to buy their home, which I am doing. I am in contract with my current home. Unfortunately, my sibling is making life unbearable and holding up the closing of my parents’ home. Can I move my belongings into my parents home before the closing? Perhaps even live there in the event that my house closes?
Asked on October 26, 2014 under Estate Planning, New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
I am so sorry for your loss and for the situation that has arisen. You are in a difficult position since you and your sibling have equal rights with regard to the house subject to the contract that you have signed to purchase it. The issue has to do with liability: if something happened while you lived there such as a fire, etc., who would bear the loss? Generally you can not purchase homeowners insurance until you own a home. You could, though, "rent" it from the estate until the closing and then be able to move your things and yourself in before the deed transfer. This way the estate - and your brother - will be benefitted and you will have a place to live. Good luck.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
I am so sorry for your loss and for the situation that has arisen. You are in a difficult position since you and your sibling have equal rights with regard to the house subject to the contract that you have signed to purchase it. The issue has to do with liability: if something happened while you lived there such as a fire, etc., who would bear the loss? Generally you can not purchase homeowners insurance until you own a home. You could, though, "rent" it from the estate until the closing and then be able to move your things and yourself in before the deed transfer. This way the estate - and your brother - will be benefitted and you will have a place to live. Good luck.
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