Legal Question in Real Estate Law in New York
A side money deal on a sale of a house.
I am trying to buy a house that two people own. One person has accepted my offer the other rejected it. The person that accepted has told me that if I buy the house for the amount that the other person wants me to buy it for, that he will reimburse the difference after the sale of the house. If I get this in writing and notorized is it legal. In other words am I commiting fraud by getting a mortgage for one amount but actually buying the house for a different amount?
1 Answer from Attorneys
Re: A side money deal on a sale of a house.
I would not trust a deal like this. It sounds like the sellers are trying to scam you.
If you can get a confession of judgment from the person who will give it to you at the cheaper price, then you can try to enforce that judgment, but this is still no guarantee. I would not trust these sellers.
If two people own the house, both names will need to sign the deed to transfer ownership to you. If they do not agree on something as simple as the sales price, there will be more trouble down the road.
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