Buying or Selling a Home/buying from relative

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Expert: - 4/11/2007


Question
A relative of my has left the state and wants to get rid of her property here.  She'd stated she wasn't trying to get much from me if she sold the property to me.  The price she'd offered (which was not binding) to sell to me was a price I could afford at the time, but she also contacted a realtor and they gave her a price of almost the double the amount she was going to sell it to me.  My question is what is the procedures when sellling to a relative.  What's the process when someone offers a property that has been paid off as a gift to a relative.  Could the property be a quit claim deed?  This property needs some work such as painting, porch repairing, windows and will be sold as is.  

Answer
Dear Janice;
Gifting to a relative is a tax issue and your relative should discuss this with her accountant.  There are also certain legalities that need to be handled in gifting of property.  Since it is only a partial gift and there is actually money that will be exchanged as well you will need to have an attorney draw up the necessary documents.  The property title can be transferred but it is not a simple 'quit-claim' since an actual purchase is taking place.  You should talk to an attorney who is familiar with real estate and estate planning to advise on the best way to do this.

Good luck and best wishes,
Jessica Bryan

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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