Legal Question in Real Estate Law in New York
Selling NY Property out of the Estate
House left 50/50 to my husband and our niece, it is in an estate. There is no mortgage on the property, owner free and clear. My husband is the executor. My niece wants to buy the property and my husband wants to sell his portion to her and is open to owner financing, her paying him in monthly installments. Is this technically owner financing and if so who is the owner, my husband or the estate? If it is the estate, what is my husband called as the person receiving monthly payments? I understand my niece would be the buyer. What is the best way to do this, set this up? Owner financing? Assigning interests?; Quit claim deed? Is there a best way for there to be collateral? Thank you very much.
2 Answers from Attorneys
Re: Selling NY Property out of the Estate
There are several different ways you may set this up. However, I would suggest the estate deeds the property to the niece, and the niece signing a promissory note and mortgage in favor of your husband.
By handling the transaction in this manner, your husband has a promissory note and security in the property. If the niece defaults under the note, your husband can foreclose and sell the property. The niece also benefits since she is the sole owner of the property, she has the interest deductions on the mortgage, and she has the right to sell the property (at which time your husband would be repaid).
Feel free to contact my office for a quote on structuring this transaction.
Mike.
Re: Selling NY Property out of the Estate
There are a number of different ways this transaction can work and We have substantial experience handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.
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