Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

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: 11 months ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 4 minutes by:
8/7/2017
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 11 months ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 125,998
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.
Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.
Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 125,998
125,998 Satisfied Customers
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.

Law Educator, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

12,142 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,377 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,253 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,572 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
Our inherited family home is mortgage free and was "willed"
Our inherited family home is mortgage free and was "willed" equally to four siblings; 25% each. Our sister has been living in the home rent free since mom died in February of 2016. We currently have a… read more
Loren
Loren
578 satisfied customers
I am buying a house from my sister. It is private sales
I am buying a house from my sister. It is private sales where I am buying the property for cash. What do I need to be careful about in doing this purchase because it may not be considered "arm length … read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
my sister and I were willed a house to us as a 50/50 ownership.
my sister and I were willed a house to us as a 50/50 ownership. the value of the house is 160K with a 60K balance due. My sister has moved into the house and wants to buy me out. based on the rough nu… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
30,617 satisfied customers
I have a real estate question. I am a single mother of a special
I have a real estate question. I am a single mother of a special needs son. I have no house payment because my father recently gave me the house that my mother bought for me before she passed away 2 y… read more
N Cal Atty
N Cal Atty
JD
83 satisfied customers
Our home title is currently under my mothers name and corresponding
Our home title is currently under my mother's name and corresponding mortgage. The current outstanding on the mortgage is USD 380k against the current average market value ok USD 550k. We live in New … read more
Dimitry Esquire
Dimitry Esquire
Attorney
Doctoral Degree
5,526 satisfied customers
i just want know what the law on property disabled person
i just want know what the law on property disabled person that on half of the house i have live they for 50years my sister have not live he in 32years she trying make me sell the house what is arkansa… read more
Dave Kennett
Dave Kennett
Doctoral Degree
25,741 satisfied customers
Hello, my mother had been applying for some sort of mortgage
Hello, my mother had been applying for some sort of mortgage relief program and she was on a payment schedule to qualify which included a suspension of payments until a decision was final. She was on … read more
Andy4712
Andy4712
Attorney
Doctoral Degree
118 satisfied customers
Im considering buying my principal (and only) residence, which
I'm considering buying my principal (and only) residence, which is now owned by a relative. She paid less (in 2000) than the property is worth now, and we have shared property taxes. Although we have … read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,428 satisfied customers
I live in Illinois and recently purchased a Single family Home
I live in Illinois and recently purchased a Single family Home in Aug 2008 with 3% down FHA loan, Property purchase price $415000. Two and half years later I just found out that my wife is diagnosed w… read more
Alex J. Esq.
Alex J. Esq.
Managing Attorney
Doctoral Degree
2 satisfied customers
hi, My sister and I own a house together, things did not go
hi, My sister and I own a house together, things did not go well with each other I moved out and she refuses to sell. what should I do?… read more
Dave Kennett
Dave Kennett
Doctoral Degree
25,741 satisfied customers
I have a house for sale in Cleveland Ohio (Cuyahoga Village),
I have a house for sale in Cleveland Ohio (Cuyahoga Village), the house is completely remodeled and I'm asking $ 80,000.00. I have a client interested in buying it, which apply for a mortgage loan and… read more
MShore Law
MShore Law
Doctoral Degree
1,233 satisfied customers
My brother ownes a house with a woman in The Villages. She
My brother ownes a house with a woman in The Villages. She has left the house and is living with her son. My brother recieved a letter from a lawyer saying, she has moved out of the house and wants to… read more
Lucy
Lucy
Juris Doctor
130 satisfied customers
Ive purchased a property via sheriff sale. The is appox $150k
I've purchased a property via sheriff sale. The is appox $150k in mortgages and liens. A competitive market analysis says the property is worth approx $240K. Am I able to sell the property? Do I have … read more
legaleagle
legaleagle
Attorney
Doctoral Degree
7,047 satisfied customers
I want to know what the consequences are from strategic default
I want to know what the consequences are from strategic default of a condo in MI that I no longer live in. The rent only covers half of the payment and I will never catch up. I live in a AR, have exce… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
My husband and I are planning to divocrce. We own a home purchased
My husband and I are planning to divocrce. We own a home purchased in 2005. I am the primary owner. The Original loan amount $417.000.00. Monthly payment, including property tax and insurance is 2963.… read more
retirementlawyer
retirementlawyer
Attorney
Doctoral Degree
1,606 satisfied customers
I just filed chapter 7 bancruptcy and since I filed it was
I just filed chapter 7 bancruptcy and since I filed it was brought to my attention by my sister that I had a joint share of the property that she has dwelled in for all of her life . I as her other si… read more
Brent Blanchard
Brent Blanchard
Solo Practitioner
Doctoral Degree
1,964 satisfied customers
My father owns a home in Colorado with a note of $145,000 and
My father owns a home in Colorado with a note of $145,000 and a fair market value of $200,000 and wishes to sell the home to my sister for the note of 145K or gift the equity difference to her so she … read more
Richard
Richard
Owner
Doctoral Degree
4,519 satisfied customers
I OWN PROPERTY JOINTLY WITH 3 OTHER SISTERS I WANT TO ...
I OWN PROPERTY JOINTLY WITH 3 OTHER SISTERS I WANT TO PURCHASE THE OTHER THREE SHARES SO I CAN OWN IT SOLELY MYSELF TWO OF THE THREE SISTERS AGREE TO SELL AT MARKET VALUE THE THIRD SISTER WANTS TO SET… read more
InsuranceLawyer
InsuranceLawyer
Managing Attorney
Doctoral Degree
1 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x