Expert: Dick Dennis - 12/6/2007

Question
Mr.Dennis,
    My mother passed away six months ago.  My brother and I are the only heirs, and he is the executor of the estate, I am the successor.  We have tried to sell her Florida home, but with no luck; the home is still listed.  After my wife and I discovered that we could rent the home rather easily, we decided to buy out my brother's 50% share; he has excitedly agreed.  My wife and I live in California.  How can we best go about "buying" the house?  Secondly, do we have a legal obligation to the real estate company listing the house if it is "sold" in this manner?

Answer
First of all, Phillip, the listing that was signed with the Realtor who has that listing emphatically says that should anyone sell the house, the Realtor is entitled to his/her commission. The mere fact of change of title decides whether the property has been sold or not. Any kind of change of title.

You can get around all that by doing this: You and your wife execute a mortgage in an amount that all parties agree equals 50% of the value of the property. When the property finally sells, THEN your brother gets his money. In the meantime, you decide what is to be done with the property.

Since the property really hasn't changed hands the agent is not entitled to a commission. By your brother getting a mortgage (with no monthly payments and no interest) it protects him from you putting a lien on the property that would be cheating him. I do wish you well.

Dick Dennis             dixiedee13@aol.com