If my sister and I own a house together and she wants to sell her half to me, what paper work should be done?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my sister and I own a house together and she wants to sell her half to me, what paper work should be done?
We hold title as tenants in common.
Asked on December 3, 2011 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. First the property should be appraised and the appraiser take into account valuation of fractionalized interests in the property.
A real estate attorney should then be consulted where a purchase contract is then drafted and signed by you and your sister as to price, terms of the sale and close date. Escrow should be established where you get a preliminary report and a title report for the interest in the parcel you are buying.
You fund the escrow either with your own money or a loan from a lending institution. You sign documents at escrow as well as your sister. Title then passes to you from her by way of a grant deed of he 50% interest in the property.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.