Short answer

You must confirm ownership shares, get a current valuation, agree on a buyout price (or ask the court to value the property), clear mortgage and lien issues, arrange financing or payment, obtain a deed transferring the siblings’ interests, and record that deed. If co-owners refuse, you can pursue a partition action under New Jersey law. Below are the detailed steps and practical tips to follow.

Detailed answer — step by step

1. Confirm how title is held

Start by pulling the deed and doing a title search. The deed tells you whether the property is held as joint tenants with rights of survivorship, tenants in common, or another arrangement. Siblings commonly hold property as tenants in common, which means each owner has a definable share and can sell or transfer that share without the others’ consent. If the deed language is unclear, a title search or a real estate attorney can clarify ownership.

2. Identify mortgages, liens, taxes, and obligations

Get the mortgage payoff amount, check for tax liens, judgments, homeowners’ association (HOA) fees, and unpaid property taxes. Any outstanding debt secured by the property affects the buyout price and the refinancing process. You can get payoff figures from the lender and a title company to reveal recorded liens.

3. Obtain an objective valuation

Order a professional appraisal or use a licensed real estate broker’s competitive market analysis. The market value establishes the baseline for each sibling’s equitable share. Decide whether you will buy their percentage of market value, account for outstanding mortgage balances, or compensate for other contributions (repairs, improvements, mortgage payments historically made by one party).

4. Agree on the buyout price (or prepare to litigate)

Negotiate a price with your siblings. Typical approaches:

• Pay each sibling their proportional share of the net equity (market value minus liens and selling costs).
• Offset unequal contributions, if you all agree, in the written settlement.

If siblings refuse to sell or you cannot agree on value, a partition action is an available remedy under New Jersey law. The court may order a sale and divide proceeds or, in limited circumstances, divide the property in kind. See N.J.S.A. 2A:42-1 et seq.; for more information about partition actions, see the New Jersey Courts website: https://www.njcourts.gov/ and the New Jersey Legislature statutes page: https://www.njleg.state.nj.us/.

5. Arrange funding — common options

To pay your siblings you can:

• Refinance the mortgage in your name and take cash-out to buy them out. This is common if you want sole responsibility for the mortgage.
• Get a new mortgage or home equity loan in your name to pay them.
• Pay cash from savings or other sources.
• Structure a promissory note where you pay siblings over time (formalize in writing, consider recording a lien if necessary).

Note: If you want the lender to remove siblings from the mortgage, the lender must agree. Refinancing typically requires qualifying on your own credit, income, and debt-to-income ratio.

6. Prepare the written buyout agreement

Put the deal in writing. The agreement should state the amount paid to each sibling, whether the payment pays off the mortgage share, how taxes and closing costs are handled, and the timing of the deed transfer. Include representations about liens and authority to transfer. Use escrow to handle funds and document exchange.

7. Transfer title — deed and recording

Execute a deed that conveys each sibling’s interest to you. Commonly used instruments include a quitclaim deed or a warranty deed depending on the situation. Have the deed notarized and record it at the county recording office where the property is located. Recording the deed protects the buyer’s title and gives public notice of ownership change.

8. Clear title and update mortgage

Obtain a title search and title insurance to ensure no unknown liens remain. If you refinanced, the new lender will require a title policy and will pay off the old mortgage at closing. Make sure the lender releases any lien held by siblings if they previously guaranteed or were on the mortgage.

9. Consider taxes and other financial consequences

Be aware of potential tax issues: gift tax if the buyout price understates market value, capital gains tax when the property is later sold, and the New Jersey Realty Transfer Fee (administration by the New Jersey Division of Taxation). Consult a tax professional about the transfer’s tax consequences. For information on transfer fees, see the New Jersey Division of Taxation: https://www.state.nj.us/treasury/taxation/.

10. If negotiation fails: file a partition action

When a buyout is not possible because co-owners refuse, a party may bring a partition action under New Jersey law (statutory reference: N.J.S.A. 2A:42-1 et seq.). The court may order the property sold and the proceeds divided, or in rare cases split the property. A court-ordered sale can be slower and more expensive than a negotiated buyout, so weigh costs before filing. For general court information, see: https://www.njcourts.gov/.

Common documents you’ll need

• Current recorded deed (showing how title is held)
• Mortgage payoff statement
• Property appraisal or broker price opinion
• Written buyout/purchase agreement
• Executed deed (quitclaim or warranty) transferring siblings’ interest
• Closing/settlement statement from escrow
• Title search and title insurance policy

Helpful hints

• Get everything in writing. Oral promises are hard to enforce.
• Use escrow to hold funds and documents until all conditions are satisfied.
• Consider mediation before suing; it’s cheaper and faster than litigation.
• Talk early with your lender about refinancing requirements so you know what credit and income you must meet.
• Order an independent appraisal to avoid disputes about value.
• Obtain title insurance when you complete the transaction to guard against unknown defects.
• Keep records of contributions (mortgage payments, repairs) — those facts may affect negotiations or the court’s valuation in a partition action.
• Consult both a New Jersey real estate attorney and a tax advisor before finalizing the transaction to ensure you understand legal and tax consequences.