Inheriting property with a 80K mortgage balance.

[Gerald Jordan]

My sister and I are going to receive the condo my mother purchased for 249K and she refinanced it about a year ago for a 3.49%. I could not talk her out of this as I wanted her to pay the  mortgage in full. Although in good health she fell inside her home and did not recover. My sister does not want to keep the property and would rather I buy her out. That is what I look to do and currently the District has accessed the property at 348K. We are yet having a realtor to do an assessment according to the probate court, mother had a will but this is what the executor is wanting to do so that there are no issues amongst all parties involved. My sister and I are on the same page and the difference is I don't intend on selling the condo. I would like to get the BP community input as to what is functional and mutually beneficial for both my sister and myself. Transfer fees that have to be paid and the mortgage balance, I am thinking must be paid before any moves are made. I am open to what the community feels is best practice. Thank you 

[Tom Gimer]

@Gerald Jordan Keep the 1st in place per federal law and continue paying it. Buy out sister with a 2nd/HELOC as you structure things within the estate properly and deed out to brother as sole owner. There would be no "transfer fees" other than the recording of a personal representative's deed which is exempt from transfer/recordation taxes plus perhaps paying a probate attorney for assistance. Good luck.