What to do if my late mother’s house is now in mine and my sisters’ names now and one sister wants to buy house but claims she cannot because of my credit?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do if my late mother’s house is now in mine and my sisters’ names now and one sister wants to buy house but claims she cannot because of my credit?
Why does my credit matter if she is purchasing the house? Can I quitclaim her my interest?
Asked on November 9, 2011 under Real Estate Law, Virginia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you are willing to sell your interest in your late mother's home to your sister, your credit has no bearing in whether or not she can afford to buy you out. If you want to sell your interest in the property and assuming there is no mortgage on it, you can do the following with your sister:
1. both sign a contract for the sale with a set price and where the escrow will be.
2. your sister can either get a loan to buy to out, or you can have her sign a promissory note for the purchase price, rate of interest, amount of monthly payments, and term where the sister makes payments to you.
3. the note is then secured by a recorded mortgage or trust deed on the property.
A grant deed deed in the above transaction would be the best means of transferring title as opposed to a quit claim.
Good luck.
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.