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Selling Share of Equity to Sister

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  • 06-02-2010, 10:02 PM
    martajayne
    Selling Share of Equity to Sister
    I live in Washington state. Before my mother passed she quit claimed the equity in her home to my sister and I. 70% to my sister and 30% to me. She also gave my sister Life Estate. My sister has since tried to refinance the mortgage and take out some of the equity and found that she needs my involvement to complete the paperwork. She has offered to buy me out of my share at an amount that is lower than what I figure 30% would be but not too bad (20K). The mortgage is $72K and the home is valued at around $175K. If I take her up on her offer I am wondering what would be the best way for me to receive this settlement. Do I sign the paperwork and let her pay me after she receives the money or get a check from the bank or what? I'm not sure what to do so that my best interest is protected.
  • 06-02-2010, 10:32 PM
    jk
    Re: Selling Share of Equity to Sister
    Since it sounds like you are lacking a bit of trust concerning this, it should all take place at a formal closing. Everybody signs documents at the closing and the closing agent issues you a check.
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