Detailed Answer — Practical steps to buy out your siblings’ interests

If multiple people own a home together and you want to keep the house by buying their ownership shares, follow clear, documented steps. Below is a step-by-step roadmap that applies under Tennessee law and common practice.

1. Confirm how the property is owned and who has what share

Start by getting a copy of the recorded deed from the county register’s office or online. The deed tells you whether owners hold title as joint tenants (possibly with right of survivorship), tenants in common, or another form. If the deed does not specify equal shares, you will need to determine each person’s percentage interest. If you can’t determine shares from the deed, a title search or an attorney can help.

2. Order a professional appraisal

Get a licensed real estate appraisal to establish the fair market value (FMV) of the property. The FMV is the usual starting point for calculating each owner’s share and the buyout price.

3. Calculate each owner’s buyout amount

Multiply the FMV by each sibling’s ownership percentage to find the gross buyout amount. From that, determine whether adjustments are needed for outstanding mortgage balance, property taxes, assessments, liens, unpaid expenses or agreed credits for improvements.

4. Decide how you will pay

Common payment methods:

• Cash at closing (you pay siblings in full).
• Refinance the mortgage in your name only to obtain cash-out to pay siblings.
• New mortgage or loan that pays siblings and secures the property in your name.
• Installment agreement (seller-financing) documented with a promissory note and deed of trust.

Refinancing is typical if the house has an existing mortgage in multiple names. Talk to lenders early to confirm whether you can qualify alone.

5. Draft the buyout agreement and deed

Have a written agreement that specifies the purchase price, payment terms, closing date, representations, and releases of claims. The selling owners will sign a deed (often a quitclaim or warranty deed) transferring their interest to you. Use an attorney or title company to prepare and review documents.

6. Clear liens and resolve the mortgage

At closing, ensure outstanding liens, property taxes, and judgments are handled. If you are refinancing, the new lender will usually pay off the existing loan. If siblings are on the current mortgage and you cannot refinance immediately, discuss with your lender whether they will release co-borrowers or require full payoff.

7. Record the deed

File the executed deed with the county register of deeds in the county where the property sits. Recording gives public notice that the siblings transferred their interests to you.

8. Update title insurance and homeowner accounts

Order a reissued title insurance policy in your name and update the mortgage account, tax billing, homeowners insurance, and utilities to reflect sole ownership and your responsibility.

9. Consider tax and estate consequences

Buying out co-owners can have tax consequences (capital gains basis, gift implications, or mortgage interest deductions). Consult a tax advisor for personalized guidance.

10. If you cannot reach agreement: partition action

If siblings refuse to sell or accept a fair buyout, you may file a partition action in Tennessee court to ask the court to divide or sell the property and allocate proceeds. Tennessee law governs partition actions; see the statute at Tenn. Code Ann. § 29-28-101 et seq.. Courts may order a partition in kind (rare for single-family homes) or a forced sale with proceeds distributed to owners. Partition cases can be costly and time-consuming, so courts and judges often encourage settlement or mediation first.

When to hire an attorney

Consider hiring a Tennessee real estate attorney if any of the following apply:

• Disagreement over ownership shares or buyout price
• Existing mortgage issues or co-borrowers who won’t cooperate
• Liens, judgments, or title defects
• Need for drafting complex sale or seller-financing documents
• Potential partition litigation

An attorney can draft purchase agreements, review deed language, handle closing logistics, and represent you if a partition action is necessary.

Helpful Hints

• Open communication early: a clear written offer with supporting appraisal is more likely to lead to agreement than informal negotiations.
• Get an appraisal rather than relying on online estimates—lenders and courts prefer licensed appraisals.
• Collect and keep receipts for major improvements—these can affect adjusted basis for tax purposes.
• Confirm each sibling’s signature and identity at closing; improper signatures can cloud title later.
• Use a title company or attorney for closing to ensure funds, payoff of liens, and recording are handled correctly.
• Mediation is often cheaper and faster than court—ask the other owners to try mediation before filing suit.
• Keep records: appraisal, written offers, communications, closing documents, and recorded deed copies.
• Be aware of deadlines for filing a partition; consult counsel promptly if discussions break down.