I live in Washington state. My dad told me that when they pass they will pass on their house and property to my sisters and I. He told me if one of us wants to “buy out the others” we own the property. Since it’s kind of a morbid subject I didn’t really want to press for details.

Currently my sister and brother in law live there with their daughter and my parents. They love the place and want to continue living there after they pass. My wife and I already have a home and my youngest sister rents a place from my grandparents.

I doubt any of us will want to sell it, but how does a three way ownership of a property work? My sister and brother in law who live there now probably won’t be able to afford to buy us out, but can probably afford mortgage.

Are we all equally responsible for the mortgage? How does a three way split between ownership of a property work?

I guess I’m just having a hard time wrapping my head around what this means and how it’s suppose to work.