Detailed answer — step‑by‑step under Virginia law

Below is a practical, stepwise approach that walks you through how a buyout typically works in Virginia. This describes common situations (sole ownership at death, joint ownership, intestacy, and probate). It does not replace legal advice for your specific facts.

1. Step 1 — Determine how title is held now

   Look at the recorded deed to see whether the property was owned:

   • as sole property of your parent (likely requiring probate or deed transfer from the personal representative),
   • as joint tenants with right of survivorship (ownership typically passes to the surviving joint tenant automatically), or
   • as tenants in common (each owner has a divisible share that survives to heirs or is subject to probate).

   If the deed shows joint tenancy with right of survivorship, you may already hold title and a buyout may not be necessary. If the deed shows sole ownership in your parent, or tenants in common, probate and distribution rules apply.

2. Step 2 — If your parent’s estate must be probated, identify the personal representative (PR) or administrator

   When a decedent owned property in their sole name, the estate typically must be opened in the probate court to transfer title. The PR or administrator controls estate property and can negotiate sales or transfers consistent with the will and court orders. See the Code of Virginia, Title 64.2 (Estates and Trusts): https://law.lis.virginia.gov/vacode/title64.2/.

3. Step 3 — Get a current valuation and title information

   Obtain a professional appraisal or a broker price opinion so you and your siblings agree on value. Order a title search (or obtain title insurance) to identify mortgages, liens, taxes, and any restrictions that affect transfer. Clear knowledge of encumbrances determines what you must pay to secure full ownership.

4. Step 4 — Negotiate a written buyout agreement with heirs/co-owners

   Document the terms in writing. Typical elements include:

   • purchase price for each sibling’s fractional share (based on the appraisal or formula),
   • how payment will be made (lump sum, promissory note, mortgage assumption, or seller financing),
   • who pays closing costs, taxes, and outstanding debts,
   • a deadline and conditions for closing,
   • representations and releases from the selling heirs, and
   • contingencies (for example, court approval if required by the probate court).

   If the estate is open, the PR may need to approve the transaction and the court may need to review it. If any heir is incapacitated, under guardianship, or a minor, the court or guardian may have to approve a settlement.

5. Step 5 — Work with the personal representative or obtain court authorization when necessary

   When the property is part of the probate estate, the PR has statutory duties. The PR can transfer estate property according to the will and the court’s orders; in some cases the PR may sell, settle, or convey property if the will authorizes it or the court directs. Consult the probate code: Code of Virginia, Title 64.2.

   If heirs do not agree, or if the PR declines the buyout, you may need to ask the probate court to approve a private transfer or sale as a fair administration of the estate.

6. Step 6 — Closing: payoff liens, execute deed, and record transfer

   At closing you must:

   • pay any mortgage or lien payoffs required to obtain clear title,
   • execute the appropriate deed (in Virginia that may be a general warranty deed, special warranty deed, or quitclaim deed depending on the situation and negotiations),
   • record the deed with the clerk of the circuit court in the county where the property sits, and
   • pay recording fees and any applicable transfer taxes or stamp taxes. See the Code of Virginia, Title 58.1 (Taxation): https://law.lis.virginia.gov/vacode/title58.1/.

   Title insurance helps protect the buyer against undisclosed defects.

7. Step 7 — If a buyout fails, consider a partition action

   If co-owners cannot agree, a co-owner can file a partition action in the circuit court to either physically divide the property (partition in kind) or sell it and divide the proceeds (partition by sale). The court decides which remedy is appropriate. See Code of Virginia, Title 8.01 (Civil Remedies and Procedure): https://law.lis.virginia.gov/vacode/title8.01/. A forced sale can be more costly and take longer than a negotiated buyout.

Special situations to watch for

• If your parent left a will that disposes of the property, follow the will and the PR’s duties under probate rules.
• If there is a surviving spouse, homestead allowances or family allowances may apply and affect distribution. See the statutes in Title 64.2: https://law.lis.virginia.gov/vacode/title64.2/.
• If your parent lacked capacity and a conservator or guardian handled the property before death, additional approvals may be required.
• If a sibling suspects undue influence or fraud, that can derail voluntary settlement and prompt litigation.

Who should you talk to?

Consider consulting a Virginia probate or real estate attorney for:

• reviewing title and probate status,
• drafting the buyout agreement and deed,
• securing court approval if the property is in probate, and
• representing you in a partition action if negotiations fail.

You may also want a licensed appraiser, a title company, and a tax advisor.

Key Virginia statutes and resources

• Estates and Trusts (probate and administration): Code of Virginia, Title 64.2 — https://law.lis.virginia.gov/vacode/title64.2/
• Civil procedure including partition actions: Code of Virginia, Title 8.01 — https://law.lis.virginia.gov/vacode/title8.01/
• State taxation and recording/transfer taxes: Code of Virginia, Title 58.1 — https://law.lis.virginia.gov/vacode/title58.1/
• Virginia Courts — general probate and clerk information: https://www.vacourts.gov/

Important: statutory provisions are detailed and facts matter. The links above point to the Code of Virginia and Virginia courts for further reading.

Helpful Hints

• Start by obtaining a certified copy of the recorded deed and the death certificate (if applicable).
• Ask for a professional appraisal to avoid disputes about price.
• Get a title commitment early to identify liens, easements, or undisclosed owners.
• Put every agreement in writing and have all parties sign. Oral deals are risky.
• If you pay siblings over time, use a promissory note secured by the property if they release their interest at closing.
• Consider buying title insurance at closing to reduce future risk.
• If the estate is open, communicate with the personal representative and the probate court to avoid voidable transfers.
• If one heir refuses to cooperate, a partition action is a last resort and can be expensive.
• Keep clear records of payments, agreements, and disclosures — they matter if disputes arise.

Disclaimer: This article provides general information about Virginia law and is not legal advice. It does not create an attorney‑client relationship. For advice about your specific situation, consult a licensed Virginia attorney.