deltadart1
Member
From what i'm reading were a little confused about the fact's(I'm at fault). Just checked and the house was valued at $105,000 at inventory time. My sister and I are co-owners. She wants to buy it and live in the house. I (her brother) and my sister have agreed to a selling price of $90,000. My half would come to $45,000. I was told to check on doing a "Quit Claim Deed". Doing it this way would just remove me from having any ownership of the house. She would not need to get a mortgage to give me my half. She has already talked to her bank and they said they could let her have the money by just doing a home equity loan.
The house she lives in now is paid off. I got in touch with a real estate attorney today and he said he would need the abstact and he would bring that up to date. He said the Quit Claim Deed can be done. The total cost for him to do this is a little less than $350. Forget the $25,000 figure I had used earlier. It was a big mistake on my part. The $90,000 sale price and my half would total $45,000. With these figures would there be any reason a gift tax would figure into the situation? Bottom line is my sister wants the house and I don't. All I want is my 50% share. Thanks.
The house she lives in now is paid off. I got in touch with a real estate attorney today and he said he would need the abstact and he would bring that up to date. He said the Quit Claim Deed can be done. The total cost for him to do this is a little less than $350. Forget the $25,000 figure I had used earlier. It was a big mistake on my part. The $90,000 sale price and my half would total $45,000. With these figures would there be any reason a gift tax would figure into the situation? Bottom line is my sister wants the house and I don't. All I want is my 50% share. Thanks.