Buying out a family member.
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Buying out a family member.
Buying out my brother who is part owner of family home. The loan is in my name. My sister and brother live there. Is it legal to give him the money that He put
in so far as a buy out. His name is on the deed but not the loan.
Asked on September 10, 2018 under Real Estate Law, Wisconsin
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
There is no "law" about buying out a family member other than to say that it is legal to do so AND that any buy-out must be voluntary for both sides. You can't force him to sell his interest to you, unless you had a written agreement or contract with him requiring him to do so; he can choose to sell out, but equally can choose to not sell out. You and he need to work this out between you; whatever price or amount you are willing to pay and he is willing to take is legal.
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