Legal Question in Real Estate Law in Texas

Realestate
My sister and I inherated a house with a worth @ $130K which has a mortgage on it of @$30K. My sister's son wants to buy the house. My sister wants her son to buy my half of the house equity and she would retain her half of the equity in the house without having to get any cash out of the house at this time (as a favor to her son and to be able to help him afford the house). The son would have to finance $80K ($30K to pay off existing mortgage, $50K to pay me off). How does my sister retain partial ownership ($50K equity) to be sure she can get her claim to the equity if the son ever sells the house? Should she become a second mortgage holder of the property or is there another method that she should consider to protect her interest in the house?

Asked on 2/16/09, 2:58 pm

Charles W. Field Charles W. Field, Attorney at Law

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Re: Realestate

This is doable, but too long to explain here and you don't want to try to do it yourself. Consult with a local attorney.

Answered on 2/16/09, 8:43 pm

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