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JW Fourie
JW Fourie, Attorney
Category: South Africa Law
Satisfied Customers: 15603
Experience:  L.LB (UOVS)
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My sister and I (brother ) are the two main beneficery of my

Customer Question

My sister and I (brother ) are the two main beneficery of my mother's estate my sister wishes to keep the family home so therefore woshes to buy me out ?my sister has a property to sell and the sole executers are solicitors what would be the process carried out by solicitors to make this happen thankyou phil
Submitted: 2 years ago.
Category: South Africa Law
Expert:  JW Fourie replied 2 years ago.
Good morning.There are a couple of ways in which this could be carried out. The first way would be to enter into what is termed a redistribution agreement. How this works is as follows: Say that the house is valued at R 100,000.00 and that there are cash assets to the value of R 200,000.00. Let's say that the will declare that you both are to inherit equally. You and your sister may then enter into a redistribution agreement whereby you get R 50,000.00 more of the cash inheritance and she will get the house in full. So, she is in fact buying the house with her inheritance. There will be no need for her to sell her house then. The other way would be to transfer the house to both of you from the estate. You are then free to do with your half as you like, but of course you are going to sell it to your sister. It will be a normal transaction same as any other. Unfortunately it has to transfer to you first because the Deeds Registry Act requires it. If the timing is right, all of these transactions can be done simultaneously though. So, if your sister's house is sold, the registration of that property on the new owner, the transfer of the house from the estate and the transfer of your half share to her can potentially be registered on the same day. I hope this helps you. If you need anything cleared up, I will gladly oblige at no extra cost. Please do not forget to rate if you are satisfied.