I own a property 50/50 tenants in common with my father who passed away several years ago. My fathers will left everything to my mother however she has never sorted anything out (I think she is suppose to go to probate?) and it remains in my deceased fathers name. I am one of the executors of my fathers estate however I've never pushed the issue to have the will sorted out. I'd like to buy out my fathers (mothers now I suppose) share but I am not sure if I can do this without his will being sorted out first? Also, I don't know the process and potential costs to buy out the half-share. Any advice would be appreciated.
NSW Tenants in Common and Estate Issue
- Thread starter Rebekah73
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- tenants in common
You’ll need to get the titling sorted out first. A d3ceased person cannot own property, and they certainly can’t sell or transfer it.
You’ll need to check with a NSW property lawyer for certainty (I practise in Queensland), but once in your mother’s name you’ll probably need to get a valuation/appraisal for stamp duty purposes, pay stamp duty on the half share, and get transfer documents signed and lodged. If the properties are mortgaged or otherwise encumbered, you’ll need to deal with those interest holders before you can arrange a transfer.
You’ll need to check with a NSW property lawyer for certainty (I practise in Queensland), but once in your mother’s name you’ll probably need to get a valuation/appraisal for stamp duty purposes, pay stamp duty on the half share, and get transfer documents signed and lodged. If the properties are mortgaged or otherwise encumbered, you’ll need to deal with those interest holders before you can arrange a transfer.
No, you should have sorted it out - this is the role of the executor.
Has the estate been finalised? Did you have legal advice in conducting your role as executor?
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