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My dad still lives in the home I grew up in. The mortgage is long paid off and he has no debt. He recorded a quitclaim deed that gives my brother and me joint ownership upon his death. Presuming that the property will not be needed to fund health/end-of-life expenses, with a 50-50 ownership stake, how are decisions made regarding the future of the property?
My brother lives in a nice home on adjoining acreage, while I live out of state. Neither of us wants to sell to a third party, but we have differing opinions on what should happen to the property. I want to retire here, mortgage-free, while my brother would prefer to rent the property to one of his wife's relatives.
If we can't agree, does it simply come down to one buying out the other's stake? I am booking an appointment with a real estate attorney as soon as I can get one, but I'd like to be as informed as possible going into that meeting. My brother and I have always been close, so I don't want this to turn into an ugly battle. I know that happens far too often. I would rather walk away and keep the peace.
Oh man, I don't see any way this could work out without some problems or hard feelings.
If you just let your brother have the property, you're going to be resentful.
If you insist on getting what's fair, your brother will argue with you.
Just the fact that he already has plans to move in relatives, says he has a proprietary attitude to the property.
The most fair way to deal with it, is for both of you to agree right now in writing, that you will each hire a real estate appraiser to do an independent appraisal (at least that many), and that you will take the average of those appraisals, and that the property will be sold, with your brother having first right to buy.
But, also put in that agreement that it must be done through regular mortgage financing with you being paid off without any kind of owner contract. That way, it's done quickly, the brother can never default on you. The deal is done quickly, and out of your hands and you are no longer connected - your brother just deals with the bank.
I bet, though, that even though that's more than fair, your brother will find fault with it. Unfortunately, this is just how this kind of inheritance ends up working out.
But, if your brother is ready to rip you off, you don't have to allow it just to keep the peace. That's too high a price to pay. And unless you're a saint - and most of them were far from perfect - you will end up holding a grudge.
So, use that as your argument. In order to keep the peace between us, we need to do this fairly. Find fair appraisals, and you buy me out, brother, or we sell it and split the proceeds.
And don't let him try to get more credits than you, by saying he was there to help the folk, yadda yadda, while you were living far away, yadda yadda. That happens, too.
If you guys end up hiring lawyers, the only ones who really end up profiting are the lawyers. I hope you guys can work out a deal in writing now that won't require a bunch of litigation down the road.
And, it's a shame that you guys are already looking at this stuff before the body is in the ground. Parents really shouldn't leave property to multiple siblings. It never goes well. They should always just stipulate that the property is to be sold, with the proceeds to be divided equally. They mean well, but it very, very rarely goes well.
Our parents left their house to the three of us, the kids so to speak. We would have preferred that one of us keep the house and to sweeten the deal, my sister and I agreed to knock 10% off of the appraised average if our brother purchased it to keep it in the family. That was more important than “profits”.
My brother has never owned a home, retirement was too far out and he lived too far to be an absentee owner. It didn’t work out so we sold it. No hard feelings from any of us.
If your brother wants to keep it, he should really buy you out but I’d at least give him a small discount. That discount may be cheaper than an attorney. Win/win.
Your brother can buy you out and use the rent from renting to his wife’s relatives to pay the mortgage. You’re not the one who lives next door to the property.
When my mother passed, I was left the house.....sold it and split the monies with my siblings.....younger sister took 32k left in CD's that my mom had left being she was secondary on the account....yes, she got a split on the house too
My three siblings and I could never make this work. They are too financially irresponsible. And they are older than me. As mentioned, the fact that your brother already has rental plans for the property rears up potential problems.
My vote is for a combination of posts 2 and 3. Get this thing done and move on. The idea of some kind of discount for the brother makes it attractive for him to comply. Do not let it be a drawn out process where you are renting out to relations. Get close to your half and get out.
Good luck.
p.s. The moderator put an ankle monitor on me, preventing me from repping a couple of you. Sssshh.
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...as the stomach turns...
Get close to your half and get out. 
