Siblings seek best way to proceed with inherited properties
Q : Our parents recently passed away, leaving property to all three siblings. One is a weekend home and the other is a house that one sibling has lived in for over 25 years. Both are paid for. In the will, there is a codicil for that sibling to purchase the house from the other two. What is the best way to handle it? The house is currently in the estate’s name, as is the weekend home. How should we title the weekend home we all own? FYI: There is no animosity between us, we all just want to do what is best for all. A : The best thing to do is to handle it all while everyone is happy and getting along. The will must be followed, so figure out acceptable financing terms and have an experienced lawyer draw it up. The executor of the estate can sign the deed. The executor can then convey the second home to all of the heirs in equal shares. There are a lot of inheritance issues (taxes, separate property, possession) so hire a lawyer experienced in probate matters. Q : Can a licensed Texas real estate broker be the designated officer for more than one company? A : Yes, they are able to do that. Q : We tried to buy a house, but our loan application was not approved. Our $1,000 earnest money had been deposited with a title company. However, they said they wouldn’t return it without a release signed by the seller and the seller won’t sign. What can you do to help us? A : The Texas Real Estate Commission does not have authority over title companies. You will need to contact the Texas Department of Insurance if you believe the title company is acting improperly. There is nothing in the Texas Real Estate License Act or the rules to determine who is entitled to the earnest money. We suggest you need to consult with a private attorney. Q : Does TREC have a promulgated listing agreement? A : No. A listing agreement is a private contract between a real estate broker and a property owner. There is no form promulgated by TREC. The Texas Association of Realtors (TAR) provides certain forms to its members. If you are a member, you may find a listing agreement form that meets your needs through TAR.
Otherwise, you should consult with a private attorney.
To send a question visit www.AskGeorge.net and select the “Ask A Question” button. Answers to questions do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney. George Stephens is the broker of Stephens Properties. Charles J. Jacobus, J.D. is Board Certified by the Texas Board of Legal Specialization in residential and commercial real estate law.