What is the name of your state? CA
We recently purchased a house and had planned to sell my existing home after taking a few months to re-model our new house. My daughter asked if we would sell her the house, but we know she cannot afford the $350k+ sale price. She could, however, probably qualify for a $175k loan, so I have been thinking about selling a 50% interest in the house to her. What do I need to do to legally sell a 50% interest in my house to my daughter? The plan is to establish a current value of $350k now, my daughter would secure a $175k loan, pay-off our mortgage, and provide the residual $ to us. When the property sells at some point down the road, we would receive 50% of the sale $'s (less the commissions/fees), and my daughter would receive whatever is leftover after paying off her mortgage. I can't imagine why I couldn't do this, but I want to make sure that we are legally protected just in case may daughter gets married to some jerk in the future.
We recently purchased a house and had planned to sell my existing home after taking a few months to re-model our new house. My daughter asked if we would sell her the house, but we know she cannot afford the $350k+ sale price. She could, however, probably qualify for a $175k loan, so I have been thinking about selling a 50% interest in the house to her. What do I need to do to legally sell a 50% interest in my house to my daughter? The plan is to establish a current value of $350k now, my daughter would secure a $175k loan, pay-off our mortgage, and provide the residual $ to us. When the property sells at some point down the road, we would receive 50% of the sale $'s (less the commissions/fees), and my daughter would receive whatever is leftover after paying off her mortgage. I can't imagine why I couldn't do this, but I want to make sure that we are legally protected just in case may daughter gets married to some jerk in the future.