If my sister and I own a house together and she wants to sell her half to me, what paper work should be done?

We hold title as tenants in common.

Asked on December 3, 2011 under Real Estate Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Good question. First the property should be appraised and the appraiser take into account valuation of fractionalized interests in the property.

A real estate attorney should then be consulted where a purchase contract is then drafted and signed by you and your sister as to price, terms of the sale and close date. Escrow should be established where you get a preliminary report and a title report for the interest in the parcel you are buying.

You fund the escrow either with your own money or a loan from a lending institution. You sign documents at escrow as well as your sister. Title then passes to you from her by way of a grant deed of he 50% interest in the property.


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