QUESTION
I purchased a home from a relative under my name. The relative still manage\'\'s the property for me, ie collecting rent. I want to sell the house..cont.
Asked on Aug 19th, 2012 on Residential Real Estate - South Carolina
More details to this question:
I want to sell the house, because the relative has been untruthful about management of the property and I cannot purchase another home for myself due to the rental house being under my name. The house is fully under my name. There is a rental resident there now, and aside from moving them out, do I have any legal obligations to the relative?
update: I was given a gift of equity to purchase a house in my name. My relative gave me the gift of equity and made no statement about it being repaid. She manages the house for me in the way of payments from the renter and to the bank. I want to sell this house. The relative is not on any paper work involving the house and i wanted to know is there anything she could do legally to stop me from selling the house?
1 ANSWER
The question posed is difficult to answer without a full review of the underlying documents of the transaction where you were given the "gift of equity." I recommend you go see a lawyer in your area, take all of your paperwork on the underlying gift including correspondence, including emails, you might have that clarifies the transaction. Some gifts can create a constructive trust so you need to be careful. A lawyer reviewing your facts in greater detail may be able to minimize your exposure to a claim that you were holding the property in trust for the benefit of the grantor. One too would want to discuss this with the grantor of the gift, and get perhaps a quit claim deed.
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Answered on Aug 21st, 2012 at 12:42 PM