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I own free and clear a 2 bedroom house in the village, the…

Customer Question
I own free and...

I own free and clear a 2 bedroom house in the village, the market value is $80,000.00. I would like to sell the house to my step sister who is moving here from Seattle. I feel she doesn't have the money to pay for the house, I was thinking of a home equity loan and she would pay on that loan and would acquire the property. I'm just wondering your thoughts.

Lawyer's Assistant: Do you share ownership of the property? If so, is it as tenants in common, or as joint tenants?

No, I own the house.

Lawyer's Assistant: Where is the property located?

Hot Springs Village, Arkansas

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I plan to sell it to her for $65000 and I plan to buy a house closer to work

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 4 minutes by:
8/7/2017
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 8 months ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 123,372
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If she does not have the credit to obtain a loan to buy the house, you could do the equity line with a written agreement with her to state if she fails to pay you get the house back and she is not entitled to return of anything she paid up to that date. It would be an owner financing type deal, like a deed of trust, and at the end of paying she would get the deed to the house. If she defaults, you can evict her and take the house back and sell it and keep whatever she paid.
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Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 123,372
123,372 Satisfied Customers
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.

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