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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I bought a house in Idaho from the owner, my significant

Customer Question

I bought a house in Idaho from the owner, my significant other, who had to find financing within a specific time frame or lose the house. The purchase price was below the appraisal as I only paid what was owed on the mortgage. He now wants to buy me out, dividing the recent appraised value in half, which I am okay with as that was the intention all along. He has paid half the mortgage and monthly costs for the 10 years we have lived together. I am concerned about selling the house at considerably less then the recent appraisal (through a purchase agreement prepared by a RE attorney) if the IRS or any other entity questions the sale price.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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What are your concerns about selling the house for less than appraisal?

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How much less are we talking about?

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Are you worried about potential gift taxes?

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thanks

Barrister

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