Sell­ing his half of the prop­erty

Boston Herald - - THE EDGE | TV -

I in­her­ited a prop­erty to­gether with my brother. I live far from the prop­erty, and he keeps telling me he has it sold to the ten­ant, but months have gone by, and noth­ing is hap­pen­ing. Can I sell my half di­rectly to the ten­ant and be done with it, or does it have to be both of us? You can sell all or a part of any in­ter­est in real es­tate that you own un­less you are re­stricted by an agree­ment not to. This means you can trans­fer your half of the prop­erty, or just a por­tion of your half, to any­one you want to. You need to be very clear with the buyer and dis­close that you only own part of the prop­erty and, of course, you can­not trans­fer your brother’s half. If there is a mort­gage on the prop­erty, there would be a risk that the lender would de­mand im­me­di­ate re­pay­ment, called a “due on sale clause,” if you do this. Sell­ing your half would not change your li­a­bil­ity for any loan you signed for, even though you no longer own part of the house. Plus, it would be dif­fi­cult for your buyer to get a new loan be­cause he is only pur­chas­ing a half in­ter­est in the prop­erty. But if there is no ex­ist­ing mort­gage and your buyer does not need a bank loan, you can do this. The buyer and your brother would now own it to­gether, with the buyer stand­ing in your shoes with all of the same rights and re­spon­si­bil­i­ties you en­joyed.

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