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Old 07-19-2001, 10:52 AM
glaveg
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Our mother left her home in Virginia to my sister and me. There is no mortgage payoff. My sister's daughter would like to buy the house and since the house is in a neighborhood that historically doesn't move real estate quickly, I can see that this would be a good idea.

My sister would like for us to sell the house to her daughter at no interest. The agreement would be that she pay off the house in ten years, paying each of us around $400 month. The house will probably appraise at around $90,000.

I need to know if this is (a)legal, and (b) more beneifical or as beneficial financially to me. I am very aware it is extremely beneficial to my niece and I have no problem with that.

Thanks.
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Old 07-19-2001, 12:17 PM
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Location: Catatonic State
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It would be legal.
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