How can I buy a house ifI am disabled and live on limited income?

UPDATED: Jul 11, 2011

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How can I buy a house ifI am disabled and live on limited income?

My sister and I own a house equally. I would very much like to buy her out because I live in the house and do not want to sell it so she can get its half of the value. My problem is that I am permanently disabled and live on a fixed income. Assuming that she will want half of the current value, are there any avenues that I can explore in order to pay her what shes entitled to? My age is 51.

Asked on July 11, 2011 under Real Estate Law, New York


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

First of all you need to get the property appraised by a reputable appraiser if you are to look further in buying out your sister's interest in it. Most appraisers would in all likelihood value your sister's share in the property at less than 50% of the current fair market value because of fractionalized ownership interest by two people who are not married.

When you get a value for the property ask your sister if she wouldsell her interest to you and for how much and under what terms. I assume that there are no mortgages on the property. If you can agee to a price to pay your sister and at an interest rate that you can make payments on over a certain period of time (30 year fixed loan, principle and interest) you can go over your finances and see if you can make the deal work.

If your sister agrees to sell out, she might remain on the premises as a renter and her rental payments to you could be offset by the buy out of her interst in the property where your total pay off would be less.

Any buy out needs to have written documents setting the terms and signed/dated by you and your sister. Hope the above is of assistance to you.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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