Me and my wife plan on moving into her childhood home. Her dad passed last July. There is no money owed on the house and has already been through probate. We will have to buy out her sisters with the sale of our house. We have been making upgrades all summer to the house. What are the costs involved with doing this? I’m guessing maybe getting the deed in our name. Thanks

Have they already agreed to sell you the house and signed sell agreements or etc? Or are you doing the work on the house and assuming they are going to sell because they said they would?

All verbal. We have already agreed to the money they will receive. We are now waiting on the contractor to finish the renovations to her dad house.

No tax due until you sell it. Cost basis will be value at inheritance plus initial costs and improvements

You need to talk with an attorney

Should be able to do a quit claim deed and file with county and pay recording fees. Best if you pay an atty to draw it up but youcan do it yourself. Taxes as mentioned before.

Selling your house and then paying for the childhood home and nothing documented? Wow. Get it documented. Good luck.

Buddy you need to get their agreement to sell in writing asap, because until then all these improvements are at your own risk. They could say “thanks” and want to sell the place to someone else, could lead to a long court case (partition) where you may or may not any credit for your improvements and are not likely to really be happy with the result.

I thought it took 6 months minimum to clear probate in Alabama? Find a reputable real estate attorney and pay them to handle the transaction. Get something in writing and signed from the sisters stating their intentions and agreed upon price.

Pretty sure that's correct

Oh, and DEFINITELY get it in writing. It's amazing how much family can change when it comes to inheritances

Sale of real property can be approved well before the estate is officially closed in Probate.
Original post said "last July" so assuming that's 2023. If so, plenty of time to go through Probate.

I'd advise setting up at least a simple agreement that established value and the agreed upon money buy out. It'll be helpful for everyone with taxes and protects everyone's interests.

I understand what you all are saying about bad experiences with family as I deal with it at work all the time. That said I also deal with some families that have zero arguments when it is verbal.

In my case my wife has is the middle sister. The oldest is the executor. My job has mainly been to sell off the assets several cars and a lifetime worth of car stuff and maintain the house. We recently divided all of the liquid assets. Like I said nothing in writing but the plan is to pay the sisters a pre determined amount after the house is ready and I sell my house. I just wasn’t sure what I would owe if anything by simply moving the house into my name.

The cost of transferring the deed that you draw up (I use Rocket Lawyer) to yourself and your wife will be less than $50 most likely. The Probate Office in Calhoun County will help you with making sure the necessary info is on the deed but Rocket Lawyer gives you a specific to Alabama warranty deed.

I’m confused as to whether an estate has been opened

Sounds like the estate was settled and the personal items sold and monies divided per will/probate. The house is now owned by the sisters and he and his wife will purchase the home to live in from the sisters. He just needs to pay the settled on price and execute a deed transfer. Pay any fees associated with the transaction. And hope all parties stay civil and stick with the verbal agreement until it can be put in writing.

No, estate has statutory 6 month claim period once personal rep is appointed. Either the estate was never opened or it is right in the middle of probate.

Straycat mentioned it was probably July 2023.

This is something we should all brush up on.
You don’t need to know this stuff, until you do.
Good luck.