Detailed Answer

This answer explains the common steps you’ll follow in Delaware when you want to keep a parent’s house by buying your siblings’ shares rather than having the property sold through estate administration or a court-ordered sale. It assumes the property is located in Delaware and that you are working with heirs or the decedent’s personal representative. This is general information and not legal advice.

1. Confirm how title currently stands

Start with a title search or copy of the recorded deed. Key questions:

• Was the property owned solely by the parent (in which case it passed to the estate at death)?
• Was it titled jointly with right of survivorship or as tenancy by the entirety (which may pass automatically to the surviving owner)?
• Is there a will naming an executor or a beneficiary deed (transfer-on-death deed)?

If the house passed to the estate, the person appointed to administer the estate (the executor or administrator) controls the estate’s real property until it is distributed or sold under the probate process. See Delaware probate and estate rules: Del. Code Title 12 (Probate & Estates).

2. Determine whether formal probate is required or a simplified transfer is possible

Delaware has procedures for estate administration and for smaller estates. If a full probate administration is required, the executor can distribute property according to the will or statutes of intestacy. For smaller estates, there may be simplified procedures that allow transfer without a lengthy administration. See Delaware estate statutes and filing information: Del. Code Title 12 and the Delaware courts site at courts.delaware.gov.

3. Get a current market valuation

Obtain a licensed appraisal or a broker price opinion to determine the home’s fair market value. The buyout price for each sibling will usually equal the fair market value times their fractional interest (for example, one-third if there are three heirs with equal shares), less any estate debts allocated to the property.

4. Negotiate a written buyout agreement

Put the agreement in writing. Typical elements:

• Purchase price and calculation method (appraised value, date of valuation)
• Which party will pay closing costs, recording fees, transfer taxes (if any), and any estate costs
• Payment terms — lump sum, promissory note, seller financing, or buyer refinancing
• Deadline for closing
• Representations about liens, mortgages, and condition
• Requirement that co-heirs sign a deed and a release of claims after payment

Having an attorney draft or review this agreement reduces risk and improves enforceability.

5. Resolve liens and mortgage issues

If the property has an existing mortgage, the lender’s consent may be required for title changes or for your refinance to pay siblings. If you plan to assume the mortgage or refinance to fund the buyout, consult the lender early.

6. Complete the transfer documents and record them

After payment, the co-heirs or the executor should sign a deed transferring the property interest to you. The exact deed type depends on circumstances (executor’s deed, personal representative’s deed, or a quitclaim deed). The deed must be properly prepared, notarized, and recorded in the county where the property sits to update public title records. See Delaware property law: Del. Code Title 25 (Property & Conveyances).

7. Provide and record releases and receipts

Record a written receipt and release from each sibling stating they received payment and they quitclaim their interest to you. This helps prevent later claims against the property.

8. Consider tax and basis issues

Buying out heirs can have income tax and capital gains consequences for you and the sellers. If the property received a step-up in basis at the decedent’s death, the tax basis for the heirs may be different than the buyout price. Consult a tax advisor about potential gift tax, capital gains tax when you later sell, and how estate administration affected basis.

9. What to do if a sibling refuses to sell

If one or more co-heirs refuse a voluntary buyout, a partition action may be the legal remedy. A partition lawsuit asks a court to divide the property among co-owners or order a sale with proceeds divided among the owners. A partition can be costly and unpredictable; courts sometimes order sale even when one owner wants to keep the property. If a split of the physical property is impractical, the court will usually order sale and division of proceeds. For court procedures, see Delaware courts: courts.delaware.gov and Delaware property law: Del. Code Title 25.

10. Practical closing checklist

1. Confirm who has authority to convey (owner, executor, or administrator).
2. Get an up-to-date title search and payoff statements for any mortgage or liens.
3. Obtain the appraisal and prepare the written buyout agreement.
4. Arrange financing if needed (refinance or take a new loan).
5. Prepare deed and release documents with attorney review.
6. Close funds, record deed, and file releases/receipts.

Because estate matters intersect property law, probate rules, and tax rules, most buyers and sellers in these situations consult an attorney experienced in Delaware probate and real estate law to draft the agreement and prepare the deed.

Relevant Delaware statutory resources (general statutory collections):

• Delaware Code — Title 12 (Probate & Estates): https://delcode.delaware.gov/title12/
• Delaware Code — Title 25 (Property & Conveyances): https://delcode.delaware.gov/title25/
• Delaware Courts — general information and filing locations: https://courts.delaware.gov/

Quick summary: Verify title and who can legally convey. Get an appraisal. Negotiate and document a written buyout agreement. Arrange payment (refinance or funds). Have the proper deed and releases prepared, signed, and recorded. If co-heirs will not cooperate, a partition action is a likely next step.

Disclaimer:

This is general information, not legal advice. Laws change and every estate is different. Consult a Delaware probate or real estate attorney to confirm steps that apply to your situation and to prepare or review documents before you sign.

Helpful Hints

• Do a title search early. It reveals liens, mortgages, recorded deeds, and whether the property passed outside probate.
• Get at least one licensed appraisal; it anchors fair market value and reduces disputes.
• Document everything in writing. Verbal agreements among siblings frequently lead to later litigation.
• Consider refinancing in your name to generate funds for the buyout and to clear any existing mortgage under the estate.
• Have the deed and release prepared by a lawyer or title company to ensure correct form and recordation.
• Ask about title insurance after the transfer to protect against unknown defects or claims.
• Discuss tax consequences with a CPA — the estate’s step-up in basis, capital gains on future sale, and possible gift/tax reporting issues matter.
• If one sibling is uncooperative, get an attorney’s assessment of the likely cost and outcome of a partition action before beginning expensive litigation.
• Keep copies of appraisals, closing statements, recorded deeds, and releases in a safe place; they are proof of transaction and title history.
• If the estate is open, coordinate with the executor so the buyout doesn’t interfere with administration duties or creditor claims.