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Where I live, this property (assuming it's not in a trust) goes to probate and the probate court would evict that daughter if the OP, as co-executor, didn't want her there.
The real question here is how much of a mushroom cloud the OP wants to create with the sister. If it were me, I'd lawyer up. The sister is going to lose and be on the hook for legal fees.
...not to mention what the property was worth before being trashed by a squatter. Who is going to make up THAT difference?
And you know if the appraisal comes in at $500,000, the sister is going to say, oh no, that is not right, I want to pay on the basis of $300,000.
Don't cave. This is business. NOT family. If sis really cares for her daughter (instead of trying to swindle you) she will pay up to fair market value. NO "deals".
If this property is going to the sister anyway it isn't the biggest deal if the daughter moved in early. It isn't right, it is sneaky but I'd just try to push through this as quickly as possible and be done with it. However...
I hope the appraisal is correct (sometimes they are NOT, do not automatically trust them) make sure you are not being lowballed. Do your own appraisal using online comps or get a realtor or three on your own to do a market analysis. If you cannot agree on a fair market value with your sister, you do not have to go through with the buyout. Otherwise you will just sell to third party and split 50/50 as it should be.
Don't let the lawyer push you around with *it's family* crap. He knows its legally wrong if a third party is squatting at this property and one co-executor is lying to the other co-executor (the one who is doing all the work). You gotta watch your own back. My sympathies.
If this property is going to the sister anyway it isn't the biggest deal if the daughter moved in early. .
Strongly disagree.
Aside from being illegal, and immoral, it helps to screw up a situation which is already not easy.
Having a squatter in the premises makes it harder to get a fair value estimate, means the "other" sister is going to lowball with a whiny excuse, and creates a stall situation which could go on for years if they cannot agree a value. That way niece lives for free, property value deteriorates (how much "maintenance" is broke niece going to do?), estate pays taxes and insurance, while "good" sister pizzes away a portion of her half of the estate supporting the squatter.
Just like in any real estate deal, DO NOT let the buyer move in early without a formal rental contract. Ever. Period.
Aside from being illegal, and immoral, it helps to screw up a situation which is already not easy.
Having a squatter in the premises makes it harder to get a fair value estimate, means the "other" sister is going to lowball with a whiny excuse, and creates a stall situation which could go on for years if they cannot agree a value. That way niece lives for free, property value deteriorates (how much "maintenance" is broke niece going to do?), estate pays taxes and insurance, while "good" sister pizzes away a portion of her half of the estate supporting the squatter.
Just like in any real estate deal, DO NOT let the buyer move in early without a formal rental contract. Ever. Period.
I agree with you. You are Correct.
But the old saying goes, "Discretion is the better part of valor." That assumes broke niece is living there and not storing her furniture, and that she is trashing the place, (maybe, maybe not.)
Aside from being illegal, and immoral, it helps to screw up a situation which is already not easy.
Having a squatter in the premises makes it harder to get a fair value estimate, means the "other" sister is going to lowball with a whiny excuse, and creates a stall situation which could go on for years if they cannot agree a value. That way niece lives for free, property value deteriorates (how much "maintenance" is broke niece going to do?), estate pays taxes and insurance, while "good" sister pizzes away a portion of her half of the estate supporting the squatter.
Just like in any real estate deal, DO NOT let the buyer move in early without a formal rental contract. Ever. Period.
The appraisal should be done by now. If it comes in acceptable to the OP, I'd think more about taking the money and getting out as quickly as possible, than trying to get storage fees or rent from the deadbeat for a couple of months. Sucks, but lawyer fees would likely eat up any gains. Also OP won't have to pay realtor fees on her half if this buyout happens vs if it was sold on the market.
Hi all:
I know this isn't a law forum but I'm hoping someone can provide some info or insight.
My mother died five months ago and left my sister and I as co-executors/beneficiaries with the will directing us to divide her estate 50-50. My sister and I have had our difficulties due to her severe narcissistic disorder but I am committed to settling my mothers estate with respect and civility. In the first few months things were very quiet mainly because I paid all the estate bills totaling almost $50,000 while the only time I heard from my sister was to inquire about money coming in. It wasnt until probate was accepted and we could begin to sell property which includes a condo with estimated worth at $306,000.
I am writing today about the condo which, by the way, is in pristine condition. My sister, early on, was lobbying me to have the condo transferred to both of our names and removed from the estate so that we could close the estate quickly. Our estate attorney quickly told her that was not possible.
Next she asked me if I would be willing to sell her my interest in the condo and at the same time telling me that her daughter needed a place to stay and she was planning on buying the condo and letting her daughter live in it. She told me a sob story about her daughter and her live-in boyfriend just breaking up.
I responded to her that I was not against it but we needed to speak to the lawyer about the next steps in doing so. We scheduled a telephone conference with the estate attorney but prior to the conference she called me to say she wanted the lawyer to prepare a legal paper for us to sign, so that her daughter could move in before the buyout of the condo was complete since her daughter needed a place to stay. As an aside, my sister has a 4 bedroom home her daughter can move in to temporarily.
Thankfully the estate attorney told her that that was not possible because of liability issues and that the first step for a buyout was to get an appraisal from a licensed real estate appraisal appraiser. My sister suspiciously asked several times if the appraiser needed to enter the condo in order to do the appraisal and was told "yes he needed to walk the property".
Fast forward to this week. The appraisal is scheduled for tomorrow however two days ago I received an email from my sister telling me she had to move her daughters furnishings into the condo temporarily because she has no space in her own home to store them. I quickly wrote back asking her if her daughter had been living there and telling her to remove the property as soon as possible because this was a liability issue.
She responded that her daughter was living with her at home but did not respond to my demand that the property be removed. I sent another email yesterday giving her information for storage facilities and moving companies--still no response. I suspect her daughter has been living on the second floor for a good amount of time but because I have a disability and I'm not able to use stairs, they felt that I would not discover this.
I can't prove this of course but my sister has a history of lying and her daughter has a criminal record (DUI's and vandalism). I'm beyond stressed at this point and wonder what recourse I have.
Our attorney says it is a liability issue and may be trespassing technically however that we're "family". He is not being helpful and I feel like it's falling on me to be the bad guy.
Any thoughts, commiserations or suggestions are welcome.
Thanks!
Evict.
Tell your sister the cost of the eviction proceedings, including attorney fees, filing costs, bailiff costs, etc will be deducted from her amount of the estate.
Tell your sister she has 3 days to move her daughter out, or you will move forward with the eviction and charge all fees to her share of the estate.
A key question is whether there are $300-$400K in other after-tax estate funds, allowing your sister to buy your half out of her half. If not, how does she plan to pay for or finance the purchase? -- Given the situation, you certainly don't want to get locked-into financing this purchase for her! (BTW, how are condo HOA fees currently being paid?).
If there ARE sufficient funds, you can probably establish an binding agreement to split the estate 50-50, with her accepting the condo as $153K(?) coming out of her half. This would eliminate the hassle, delay and added sales cost of disposing of the condo. (You will need to ensure there are sufficient funds to also cover other estate settlement costs, such as attorney fees).
Tell your sister the cost of the eviction proceedings, including attorney fees, filing costs, bailiff costs, etc will be deducted from her amount of the estate.
Tell your sister she has 3 days to move her daughter out, or you will move forward with the eviction and charge all fees to her share of the estate.
Another great idea.
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