Brother cheats siblings out of their fair share of parents' $300,000+ condo: 'Just give it to me!'

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    My parents bought a condo in South Carolina years ago for about $100,000. It's worth at least three times that now, maybe more. They're older now and living in a retirement home, and keeping up the condo has become too much for them.
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    I stepped in and offered to take over the mortgage and handle everything going forward- mortgage payments, maintenance, property taxes, etc. There's about $29,000 left on the mortgage.
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    At some point down the line, I might sell the condo. To keep things fair, I told my siblings that when I do, I'll give them their share of what the condo is worth today. The current market value.
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    That way they still get something out of it, even though they're not paying the mortgage or doing any upkeep.
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    Now my family's acting like this is somehow unfair. I don't really get it-I'm the one covering all the costs and making sure the place doesn't fall apart, and I'm still giving them a chunk of what it's
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    worth now, even though they won't pay any bills going forward. My family suggested I buy it for a bit less than market value but I don't have that money.
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    I just thought I was doing the responsible thing and keeping it in the family while also making sure my siblings still benefit. AITA?
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    EDIT: Hi everyone, thank you for your input. There are too many comments to reply to, but just to clarify some questions I'm seeing, this is the offer I made to my family. Nothing has been done yet. Our parents are the owners of the condo still, yes.
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    Gladtobealive2020 3h ago . It is worth approx 300K now and there is only 29K remaining on the mortgage, When you sell the condo why wouldnt you split based on
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    Sell price minus 29K you paid (which you get off the top) minus tax and other upkeep (which you would get off the top) minus the realtor fee
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    29K is only about 10% of the total value and you coming in at the end and paying 10% in mortgage expense plus maybe another 10K in other expenses does not mean you should get the bulk of the money from the sale
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    The fairer solution would be to take your expenses from the sale so you would take approx 39K out of a 300 sale price leaving 261K in equity. Then all siblings should share the expense of realtor fee. For 300K house,
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    6% would be 18,000 paid to realtor at the time of closing,.just like you would be paid appropriately 39K at the time of closing, then the remainder should be split 3 ways.
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    300,000 -39K (to you for expenses) • 18K (realtor fee) 300,000 57K = 243K - Assuming there are 3 kids. from your parents
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    243K/3 would be 81K to each child You would receive 81K plus 29K mortgage plus approx 10K (or whatever actual expenses are)
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    So you would get 1/3 of the sale plus the full amount you paid for mortgage and other expenses so approx 120 vs 81K for your siblings
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    WoodyForestt • 4h ago YTA. Your parents should just sell the condo and then have their wills day when they di you kids split their money (unless they want to disinherit someone).
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    This is an asset currently worth at least $271,000 by your estimation. You saying "Hey, just give it to me" is icky.
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    This is the sort of thing that drives a wedge between siblings and they can end up never speaking to each other again after the parents di.
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  • 22
    Help your parents sell it to the highest bidder. It's their condo and their money.
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