My 3 sisters and own a house...all 4 of us are on the deed..however I live in the home and I pay for everything taxes ..Insurance. etc...the...

Question

My 3 sisters and own a house...all 4 of us are on the deed..however I live in the home and I pay for everything taxes ..Insurance. etc...there isn't any morgage as it was my parents home..I want to know if my sisters are by law obligated to help me with the taxes.house insurance or matinence on the house...also since I am paying foe everything do Massachusetts laws entitle me to own this house after so many years...thank you

Answer

You can sell the home and split the profits or you can buy them out. The issue is what is a reasonable rent for the home versus the expenses you incurr.

For instance if the market rent for the home is $2000 a month and the insurance, taxes and necessary improvements that a tenant would not be required to pay are more than the rent, then they should contribute a portion of the difference.

My advice is to make a deal to buy them out at some point if you can afford it. At some point one or more of them may want or need the money from the value of the home.

Good luck

Answer

Thank you for your question.

As co-owners, each of them has the right to use and possession of the property, and each of them has an obligation toward its maintenance and upkeep. As attorney Roth has pointed out, you appear to be the only one living there. Generally a co-owner is not made to pay rent to live in their own home, but if you have excluded the others from living there or refused to make the property productive of income, there could be an argument that you should pay rent. You should really speak with a lawyer who practices in this area and put together a well-reasoned offer to buy out your siblings.

The fair market value of real estate seems to be on an upward trend at the moment, and it may be in your best interest to fix a price sooner rather than later. Do not hesitate to contact our office if you would like to discuss your options.