peacemaker’s choice—prevent it whenever you possibly can.
This situation can be avoided. By keeping the emotional heat down and a compromising frame of mind in the forefront, there is generally a solution that can be made for a peaceful settlement. Where creative solutions to these problems can be facilitated, there is mutual gain for all concerned. Look at the entire estate assets and negotiate an amicable distribution and division. If you inherit the home with your siblings the rule generally that ownership is to be evenly split unless otherwise stated in the will. If one of the siblings is interested in keeping it while the others want to sell it, the interested sibling can buy out the others using conventional financing. The cost involved in this process can be minimal and includes the appraiser’s fees and the closing costs. If this will work, you pay your siblings in cash for their shares and get the title of the property transferred into your sole name through a deed. It is recommended that estate assets be cleanly distributed. This will eliminate any carryover of potential disagreements. Alternatively, a private agreement can prove useful under some circumstances. For instance, if you or your sibling cannot qualify for a mortgage, the one who does not wish to keep the house can still personally finance the transaction. This will mean you will not need a conventional home loan or incur out of pocket expenses. For a private agreement, the acquiring member must make a promissory note to the other siblings for their share of the value as assessed by the appraisal. The amount due to him or her can be paid in monthly installments along with interest. With this
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