What to do if my late mother’s house is now in mine and my sisters’ names now and one sister wants to buy house but claims she cannot because of my credit?

Why does my credit matter if she is purchasing the house? Can I quitclaim her my interest?

Asked on November 9, 2011 under Real Estate Law, Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you are willing to sell your interest in your late mother's home to your sister, your credit has no bearing in whether or not she can afford to buy you out. If you want to sell your interest in the property and assuming there is no mortgage on it, you can do the following with your sister:

1. both sign a contract for the sale with a set price and where the escrow will be.

2. your sister can either get a loan to buy to out, or you can have her sign a promissory note for the purchase price, rate of interest, amount of monthly payments, and term where the sister makes payments to you.

3. the note is then secured by a recorded mortgage or trust deed on the property.

A grant deed deed in the above transaction would be the best means of transferring title as opposed to a quit claim.

Good luck.


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