Ask Experts Questions for FREE Help !
Ask
    mlross's Avatar
    mlross Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 31, 2009, 03:09 PM
    Selling commercial property to relative and holding the mortgage
    I plan to sell some apartments that I own in New York State to my sister. The property has been in the family for over 40 years and there is no mortgage. She will be putting down a deposit for about a quarter of the selling price and I will be holding the paper for her. Neither of us live in NY state and so we would like to be able to do this transaction as easy as possible and to avoid legal fees.

    Does anyone know what legal documents we will need to complete this sale?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Jan 31, 2009, 06:46 PM

    Please, please please read abut 100 or the 10,000 posts about issues and problems, when selling property to family

    Spend a extra 400 or 500 dollars and get an attorney to do the mortgage, that will include a schedule of payments and to do the need deed to file.
    Do not do this yourself for your own protection.

    Also make sure you know the foreclosure procedure if they don't pay, sorry but after doing these questions for enough years, we see this exact issue after the loan is done going bad time and time again. ** I know yes but not MY sister, guess how may say that also.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Selling my interest in a commercial property I co-own [ 4 Answers ]

My brother and I purchased a commercial property from our father about 16 yrs ago and we had our business in it up until about 5 yrs ago. I work somewhere else now and he is running a business in it. There is only about $3000 owed on it now and I am trying to get him to buy me out but haven't...

Holding a Mortgage [ 1 Answers ]

What steps do I need to take to hold the mortgage on a property I am selling?

Holding a mortgage [ 4 Answers ]

I purchased a home recently in Upstate New York. The house is in good shape, insured. I touched it up and put it up for sale, everything works. My agent found a buyer who wants to purchase the house if I hold the mortgage. 10 pct down. Monthly payments, with a balloon payment (the balance due plus...

Holding a Mortgage for someone. [ 2 Answers ]

We were in the process of putting our house on the market when I ran into a friend (more an aquaintance)... she & her family are looking to get out of their rental and buy something but they cannot go through a bank for a loan due to their religion. They do have a very large amount to give as a...

Holding a mortgage [ 2 Answers ]

What are the advantages and disadvantages of holding a mortgage for a home buyer? The buyer is my daughter and son-in-law. Can they mortgage half the price and I hold the mortgage for the other half? What are the advantages and disadvantages to me? What are the advantages and disadvantages to...

View more questions Search