Real Estate Law

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

Ask a Lawyer,
Get an Answer ASAP!

I've gotten myself more organized since the last time I

Customer Question
Hi Richard,I've gotten myself more...
Hi Richard,I've gotten myself more organized since the last time I asked a question. Here's the situation:I am on the mortgage of a two family Rhode Island house with my parents. My parents want me to take on the mortgage while splitting the equity with my brother. My brother is a complete aside in this situation, he has had no financial input or interest in the house for over ten years. I have also maintained the house and the tenants for over four years without input from my parents.My parents and my brother are under the impression that my brother will somehow get 25-30 thousand out of this deal. I'm told by the bank's pre-approval process that that is not reasonable. However, I am working with some cutthroat family dynamics and I would like to get out of the situation with minimal scarring.I am told that the house is appraised for approximately 170,000 and we have a mortgage of 114,000 left. I am pre-approved for approximately $8000 above the cost of the current mortgage. I'm willing to give all $8000 to my brother if that's what it takes, but I have no idea how I could get him more than that.My question really is in the process. What questions should I ask? What do I need to know? What options do I have? I'm trusting one bank and one lawyer with this, but I'm flying blind and I wouldn't know if they are only looking out for their own interests or mine as well. I'm also aware that they are only doing the work that I ask. There may be a different way entirely, but I just don't know it exists.In the end, I want my parents off the mortgage, I'd like to give my brother something, but not all of what he's asking for, and I want something in writing that makes all of this ironclad legal so they can't come after me for more money later.Help!
Thanks again for any information you can share.
Sarah
Submitted: 6 months ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 47 minutes by:
1/3/2018
Real Estate Lawyer: Richard, Lawyer replied 6 months ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,023
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Verified

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Ask Your Own Real Estate Law Question
Real Estate Lawyer: Richard, Lawyer replied 6 months ago

Hi there. The first question is....what net proceeds would be available if you were to sell the property to a third party after all costs involved....i.e., costs of getting the house ready to sell, closing costs, and payment of the mortgage in full. Typical closing costs are 7% of the sales price. And, even though appraised at $170,000, it's not likely to actually sell for that. So, if you presume it costs you $5,000 to get it ready to sell (due to repainting, repair, etc.), you list it for $170,000 and get an offer for $160,000, and there are 7% in closing costs, you have $143,800 before paying the mortgage; then once you pay the mortgage, you have only $28,200 left. So, if your parents want you to split the equity, the most your brother should get is $14,100 because that's all he would get if you sold it to a third party. For that, he should not be on the title and he should be entitled to nothing further as you have all the risk going forward.

Ask Your Own Real Estate Law Question
Real Estate Lawyer: Richard, Lawyer replied 6 months ago

Just following up. My screen indicates that you have not reviewed my response. Please let me know if you did not receive it so I can re-send it if necessary. Thank you! Richard

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 Barrister Your Own Question
Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 12,111
12,111 Satisfied Customers
Experience: 17 years real estate, Realtor. Landlord 26 years

Barrister 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

12,111 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,255 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,104 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

3,540 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
I live in CA, I have 2 brothers in RI who want to buy me out
hi ,I live in CA , I have 2 brothers in RI who want to buy me out of the family property ( at a low ball price) is there lawyers in CA that could help me with documents? i don't speak nor trust my fam… read more
lucy7368
lucy7368
Juris Doctor
763 satisfied customers
My parents got themselves into a situation borrowing more
My parents got themselves into a situation borrowing more against their house than they were able to pay on social security. Every other month they were asking me for $1000.00 to $1500.00. I subsequen… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
We had a party write an offer without a pre qualification letter.
We had a party write an offer without a pre qualification letter. When we asked them to produce a pre qualified letter, they gave us a pre approval letter. It is my understanding that the pre approval… read more
Richard
Richard
Lawyer
57,023 satisfied customers
My mom died earlier this year, and my brother and I ended up
My mom died earlier this year, and my brother and I ended up inheriting the house she and my brother shared. She and my dad who died back in 1987 also had land in the mountains (Colorado ). Being my m… read more
evanesq
evanesq
Managing Attorney
Doctoral Degree
6 satisfied customers
Good morning, We currently own and are living in our home.
Good morning, We currently own and are living in our home. My brother is renting a home and the owner is wanting to get the home put in his name on a CD as she has cancer and doesn't want the house to… read more
Richard
Richard
Lawyer
57,023 satisfied customers
My aunt has decided to walk away from her house and allow the
My aunt has decided to walk away from her house and allow the bank to foreclose. She has been up to date on her mortgage until this month and owes more than the house is worth. The house belonged to m… read more
Ely
Ely
Counselor at Law
Juris Doctor
4,998 satisfied customers
My husband and I received a pre-approval for a mortgage loan.
My husband and I received a pre-approval for a mortgage loan. We found the house we wanted to purchase and were given a closing date. Two weeks before the closing date we were asked for more financial… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,175 satisfied customers
Hello, I am a US citizen. I purchased a home in Ireland
Hello, I am a US citizen. I purchased a home in Ireland where I was a resident in 2007, just before the real estate crash. I was transferred by my work back to the US last month. I had a buyer for the… read more
LawTalk
LawTalk
Attorney
Juris Doctor
6,208 satisfied customers
I have a question about a real estate purchase. I co-own a
I have a question about a real estate purchase. I co-own a condo with my brother. The mortgage and deed to the condo are both in my uncle's name, but all of the equity in it is my brother's and mine. … read more
Ray
Ray
Lawyer
Doctoral Degree
8,104 satisfied customers
Im trying to purchase a home in Austin,Tx.I was approved for
I'm trying to purchase a home in Austin,Tx.I was approved for 130,000 and the home costed 129,000 on the day I made an offer of 125,000 the house was reduced to 114,000 my real estate agent and I summ… read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,940 satisfied customers
Hi My name is Jim Lochridge and I have a home that is being
Hi My name isXXXXX and I have a home that is being sold on a short sale. It has an offer of 39,000. I paide 112,000 and owe about 108,000 the bank has approved the sale for $39,000 but the banks PMI w… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
Our bank gave us a pre-approval on a conventional loan of 10%down.
Our bank gave us a pre-approval on a conventional loan of 10%down. We made offer on rural property 14acres and paid for appraisal and inspections. Bank did not get loan docs to us by initial escrow cl… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
30,539 satisfied customers
Hi, I am about to close on a short sale for my condo in Las
Hi, I am about to close on a short sale for my condo in Las Vegas. It is a cash buyer and my mortgage company approved the sale amount. The HOA has said I owe approximately $8000. It is $4500 that I o… read more
legaleagle
legaleagle
Attorney
Doctoral Degree
7,047 satisfied customers
My fiance died in april w/leukemia. He had a loan and a 2nd
My fiance died in april w/leukemia. He had a loan and a 2nd mortgage on the house we lived in since 2003. My name was not on either loan but I'm executor. He owes $91,000 on the first mortage and $12,… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Okay, my parents are paying off mortgage but the house is under
Okay, my parents are paying off mortgage but the house is under my dad's brother, and the bank is asking for bank statements for a loan modification, how exactly would that work? And also, they are go… read more
lwpat
lwpat
Doctoral Degree
256 satisfied customers
I have been pre-approved through the lending tree for a mortgage
I have been pre-approved through the "lending tree" for a mortgage however I have a few questions about the legitimacy of the offer, and the concept of mortgage fraud. American Mortgage Specialists, H… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
30,539 satisfied customers
I applied for a construction loan last year, the bank pre-approved
I applied for a construction loan last year, the bank pre-approved me for a mortgage. When I went to get it they said I needed more documentation. I'm stuck with a construction loan and no mortgage. H… read more
FLACORPLAWYER
FLACORPLAWYER
Doctoral Degree
1,750 satisfied customers
My parents co signed on a mortgage for my brother ...
My parents co signed on a mortgage for my brother & sister in law''s house with them. They are now not paying for the home & the bank is trying to forclose on my parent''s home, in which the mortgage … read more
rvlaw
rvlaw
Judge
Juris Doctor
3,203 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