Expert: Dick Dennis - 8/10/2009

Question
Hello.  My brother and I inherited a house recently.  He will be buying out my share and keeping the house.  We have had the house appraised and have agreed upon a price.  How difficult is this process?  Do we need a real estate lawyer or can we handle this ourselves unofficially?

Thanks!

Answer
Sure, you could do it all yourself, Tina, but would you really want to? You do not know for sure what kind of liens, if any, were on the property while your parents (or the persons from whom you are inheriting the property). To make sure this is done correctly, I strongly recommend you at least talk with a title company. Chances are they are going to suggest an attorney handle the closing if that is customary in your state (not all states use attorneys for closings). You may be saving money now, but should it be disclosed something improper with the title in the future, then it will cost lots more. I do wish you well.

Dick Dennis
dixiedee13@aol.com