How can I give my sister part of my house when I still have the mortgage to pay?

Get Legal Help Today

 Secured with SHA-256 Encryption

How can I give my sister part of my house when I still have the mortgage to pay?

We live together.

Asked on October 10, 2012 under Real Estate Law, Virginia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you have a debt load owing on  home that you own and want to start gifting or selling her an interest in it, you can probably do so without triggering the due on sales provision in the mortgage. However, you should consult with a real estate attorney to assist you in such an endeavor to go over how to do so in order to not trigger any tax consequences such as a "gift tax" and the due on sales clause of the mortgage.

One option is to gift or sell your sister a percentage of the home over time.


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 AttorneyPages.com 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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption