Anyone been in this situation, I'm currently in the process of working through inheritance.
A house has been left (mortgage free) to myself and two siblings. One sibling wants to buy myself and the other sibling out. We are all in agreeance with this and have settled on a price. The sibling that wants to buy has been to a broker and has got the ok for a loan. The broker has asked the sibling to get myself and other sibling to sign papers from a solicitor to transfer the property into their name.
This is my concern. I have zero paperwork/contract from the broker or bank? I feel like we should be given something with details of the amount to be paid. And to who/where it's to be paid? I don't really feel comfortable signing over the house without some guarantee I'm getting the money.
Have not one of you three worked out getting a lawyer to draw up the agreement with full details of the exchange would be a logical idea?
A mortgage broker isn't the one that should be dictating how assets are distributed, they just want the property under your siblings name so the mortgage can be fully placed against the property.
Signing over the property before having legally agreed upon terms of exchange seems like an awesome way to learn a valuable but expensive life lesson though.