I need to sell half a house to a family member, and I don't know how.
November 7, 2007 8:25 PM Subscribe
How do I sell half a house to my brother, who’s living there?
My only sibling and I have inherited our late parents’ house as part of the estate. He’s currently living in it, and is happy to stay and is interested in buying my half out. I don’t want half the house; I do want the money.
posted by Savannah to Work & Money (4 answers total) 4 users marked this as a favorite
How do we go about concluding this transaction? Do we get a lawyer to draw up the paperwork necessary? Is a realtor involved? I’ve never done anything like this at all, and since it involves asking for money, and the consequences of death, I’ve been procrastinating, as both things make me either uncomfortable or sad. However, we would like some money, and the longer this goes on, the longer my brother lives rent-free, which isn’t really fair. (But I haven’t raised the issue of that with him, so it’s my loss, and I don’t intend to contest it.)
How do we get this deal done and over with? I assume my brother will need to make the payment in certified funds of some sort. I’m in a different city than he and the house; we are both in British Columbia (Canada). Tax consequences I should be aware of?
Any pointers would be great, and then I’ll finally have no excuse for this procrastination. Thank you.